Solvency II - Introduction 

LATEST UPDATES:

9 April 2015

FLAOR Reporting Tool for Low and Medium Low Undertakings

The FLAOR Reporting Tool for Low and Medium Low Undertakings has been updated. There have been some 'minor' fixes to the previous version. We would request that relevant firms use the updated version of the reporting tool when making their 2015 FLAOR submissions via the Online Reporting System. 

Solvency II - Preparatory Phase Reporting

Two User Manuals for the Solvency II Preparatory Reporting Phase are now available to view or download. The manuals are also available in the 'Reporting Requirements' section of the Life, Non-Life and Reinsurance pages. The manuals contain instructions for insurance undertakings when uploading XBRL files and narrative reports to the Central Bank of Ireland Online Reporting System (ONR) during the Solvency II Preparatory Reporting Phase.

 

1 April 2015

EIOPA Comply or Explain Process on Set 1 of the Solvency II Guidelines

Under Article 16(3) of the EIOPA Regulation National Competent Authorities are required to make every effort to comply with EIOPA Guidelines. This obligation is also contained in Article 71(2)(b) of the Solvency II Directive. The Central Bank intends to comply with Set 1 of the Guidelines and will incorporate them into our supervisory practices as appropriate. The Central Bank expects insurance and reinsurance undertakings to comply with the provisions in Set 1 of the Guidelines.

PREVIOUS UPDATES:

31 March 2015

Solvency II Newsletter

The March 2015 issue of the Solvency II Matters Newsletter is now available to view or download.

Solvency II Information Notes

The Insurance Directorate has published two further Solvency II Information Notes. The latest notes outline the application processes for:

13 March 2015

Solvency II Information Note

The Insurance Directorate has published a third Solvency II Information Note. The latest note outlines the application processes for the Matching Adjustment, the Volatility Adjustment, the Transitional measures on Risk Free Interest Rate and Transitional measures on Technical Provisions. It supplements Information Note 1 which was published on 27 February 2015.

Solvency II Preparatory Phase - Taxonomy and Filing Rules

Please be advised that the Central Bank of Ireland has implemented version 1.5.2c of the EIOPA Preparatory taxonomy. Submissions to the Central Bank of Ireland are expected to be in XBRL format validated against version 1.5.2c of the Preparatory taxonomy. Version 1.5.2c is available here on the EIOPA website.

The version of the filing rules the Central Bank of Ireland will use is currently under review. Undertakings should review the latest version of the filing rules here on the EIOPA website.

27 February 2015

The Insurance Directorate has published two Information Notes and the latest edition of our Solvency II Newsletter to assist undertakings in their preparations for Solvency II implementation. 

2014 Updates:

10 November 2014

In order to assist us in our resource planning and process design, the Central Bank of Ireland is conducting a survey on key Solvency II phasing-in approvals for (re)insurance undertakings (excluding Groups and Internal Model related approvals). As undertakings should be aware, the Solvency II Directive 2009/138/EC, Article 308a outlines "phasing-in approvals", which firms may seek Central Bank approval for in 2015. If approved, the items or decisions will become effective from 1 January 2016.

The survey was issued today, 10 November 2014, to compliance officers of all (re)insurance undertakings and it will close on 12 December 2014. Should undertakings have any queries on the survey, please e-mail solvencyii@centralbank.ie

7 August 2014

As previously advised and in order to supplement on-going supervisory engagement during the preparatory period, the Central Bank of Ireland will conduct surveys on preparedness for Solvency II in both 2014 and 2015. These surveys are aimed at assessing undertakings’ progress towards complying with certain guidelines on preparing for Solvency II published by the Central Bank in November 2013 (namely System of Governance and Submission of Information to the Central Bank Guidelines).   

The 2014 survey was issued today, Thursday 7th August, to compliance officers of all participating undertakings. This online survey will remain open until close of business on Friday 26th September 2014. Should you have any queries on the above, please email solvencyii@centralbank.ie

 

4 July 2014

The Central Bank of Ireland - FLAOR Reporting Tool for Medium-Low and Low impact (re)insurance undertakings is now available to submit FLAOR reports to the Central Bank of Ireland. Further information can be found under "Reporting Requirements" in the respective Life, Non-Life and Reinsurance pages sections.

3 June 2014

EIOPA has launched a consultation on the first set of Guidelines for Solvency II. They are inviting comments from stakeholders on the Guidelines and their Impact Assessment for Solvency II. Comments are due by 29 August 2014 and should be submitted using the template provided on EIOPA’s website. 

 

23 May 2014 

The Omnibus II Directive (2014/51/EU) was published in the Official Journal of the European Union on 22 May 2014.  This Directive substantially amends the Solvency II Directive (2009/138/EC).  The text of the Omnibus II Directive can be found here.

 

7 May 2014

On 30 April 2014, EIOPA published the Solvency II Technical Specifications for the preparatory phase that will provide a ground for undertakings to value assets and liabilities and to calculate solvency/minimum capital requirements and own funds.  These are the Technical Specifications referred to in the Central Bank of Ireland Guidelines on Preparing for Solvency II and can be found here.  

 

2 April 2014

The European Insurance and Occupational Pensions Authority (EIOPA) launched it's consultation on the 1st Set of Implementing Technical Standards for Solvency II on 1 April 2014.

EIOPA are inviting comments on the first set of draft Implementing Technical Standards (ITS) for Solvency II. The first set of ITS define the processes for the approval of the Matching Adjustment, Ancillary Own Funds, Undertaking-Specific Parameters, Internal Models and Special Purpose Vehicles and the joint decision process on Group Internal Models. As of 1 April 2015, companies can begin submitting such applications to supervisors.

The consultation will end on 30 June 2014. Both the consultation papers and the associated templates for submitting comments can be viewed here on the EIOPA website.

1 April 2014

The Central Bank’s Online Reporting System has been modified to include an upload facility for High and Medium-High impact (re)insurance undertakings and groups to submit their Solvency II - Forward Looking Assessment of Own Risks (FLAOR) reports. The accompanying User Manual is available in the Reporting Requirements section of the Life, Non-Life and Reinsurance pages. Further information on the FLAOR can be found in the CBI Preparatory Guidelines on Preparing for Solvency II - FLAOR.

11 March 2014  

The Omnibus II Directive was formally adopted by the European Parliament in its plenary session today.  This marks a significant milestone ahead of implementation of Solvency II on 1 January 2016.  It is expected that the Omnibus II Directive will be formally adopted by the Council of the EU in the coming weeks before publication in the Official Journal of the EU. 

17 February 2014

On 17 February 2014, EIOPA published Errata amending its Guidelines on the Submission of Information to National Competent Authorities. Consequently the Central  Bank has issued Errata to make the corresponding changes in our related Guidelines. The document is available in the Guidelines section.

4 February 2014

On 31 January 2014 EIOPA published its timeline for the delivery of Solvency II Implementing Technical Standards (ITS) and Guidelines. These will form part of the regulatory and supervisory framework for the technical implementation of the Solvency II regime from the first day of application - 1 January 2016. EIOPA will prepare each of the ITS and Guidelines in two separate phases so there are 4 significant documents in total. The timeline and other related information are available here on the EIOPA website. Attention is drawn to the Public Consultation dates when stakeholders will have a final opportunity to input to the process.

2013 Updates

2012 Updates