The European Insurance and Occupational Pensions Authority (EIOPA)'s Action Plan 2013 for Colleges will focus primarily on Solvency II interim guidelines and on achieving a common understanding among national supervisors, a spokeswoman has said.
"The most important changes in this year's Action Plan are to deal with the interim guidelines for the period leading up to Solvency II and to develop a common understanding between national supervisory authorities of risks and their assessment under the current regulatory regime in the various countries," she told Compliance Complete.
Alongside its Action Plan, EIOPA has published its annual Report on the Functioning of Colleges of supervisors. Despite the uncertainty over timing, supervisors involved in colleges are making great efforts to prepare for Solvency II, particularly during the pre-application process in relation to internal models.
Differences in approach
The EIOPA Report noted, however, that there were considerable differences
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