KPMG advises insurers to read the draft EIOPA guidelines

KPMG advises insurers to read the draft EIOPA...

The advice to carefully read the draft guidelines comes after suggestions that the papers are far more wide-reaching and will be relevant to all insurers.

Also on

  • Consultation papers go beyond the approvals process
  • Over 1,000 pages of material published
  • Papers cover pillars 1 and 2, but not reporting

The consultation papers relate to large elements of pillars 1 and 2, comprising Guidelines in the following five areas:

  1. Pillar 1
  2. Use of Internal Models
  3. System of governance and own risks and solvency assessment (ORSA)
  4. Supervisory Review Process; and
  5. Methodology for Equivalence Assessments. 

Peter Ott, European head of solvency II at KPMG, commented: 

“As the first wave of implementing technical standards related solely to various approval processes, insurers would be forgiven for assuming that the first wave of Guidelines would cover similar material. However, the list above shows that these papers are far more wide-reaching and will be relevant to all insurers  who must read this material carefully to understand the full ramifications for their business.” 

Although the delegated acts are not yet publicly available, EIOPA have published a separate annex, of over 100 pages, including the relevant draft articles to which the Guidelines relate. This will assist those who have not seen the latest draft requirements. 

Janine Hawes, insurance director at KPMG, commented: ““The five papers include over 500 individual Guidelines that the national competent authorities will need to make their best efforts to adopt, if they are not materially changed post consultation. This will follow the usual comply or explain route.  

“The material has relevance to all firms that will need to comply with Solvency II. As well as the Guidelines themselves, the papers include extensive explanations to help firms understand the requirements. These papers make public for the first time much of the material that was subject to private pre-consultation, giving the same insight now to all firms.”  

The response deadline is 29 August.


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For further information please contact

Simon Chan, PR Assistant Manager, KPMG

T: +44 (0) 207 694 2024

M: +44 (0) 7747 564 737


KPMG Press Office: 020 7694 8773


About KPMG

KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  KPMG International provides no client services.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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