Solvency II Timeline

A visual timeline outlining the key initiatives for Solvency II.

Praparation and Planning

Information about preparing for the implementation of Solvency II.

Implementation plans

• The implementation plan can be defined at a high level as a document/set of documents that demonstrate good organisation and control of the change programme to meet Solvency II requirements. The degree of complexity and detail required will depend on the scope and complexity of the changes being delivered.
• Implementation plans covers the following areas:
  
  • Programme structure and governance, including details of how progress will be monitored
  • Overall programme plan
  • Specific workstream/project plans showing tasks, dates and responsibilities
  • Delivery timetable for 2010, 2011 and 2012
  • Resource and budget implications

Gap analysis

• 2010 was made analysis of compliante with requirements of the Solvency II directive
• Was prepared implementation plan of requirements of the Solvency II directive
• Work shedule for 2011-2012 year was prepared
• A lis of deliverables was prepared
• A detailed work shedule was prepared

Quantitative Impact Study - QIS

• A Quantitative Impact Study (QIS) is a field-testing exercise, run to assess the practicability, implications and possible impact of specified approaches to insurers’ capital setting under Solvency II.
• QIS5 was run between August-November 2010.
• They are intended to assist with the design of the detailed financial requirements with which insurers must comply under Solvency II. To date there have been four QIS’s, run by CEIOPS (Committee of European Insurance and Occupational Pensions Supervisors) at the request of the European Commission.
• Typically, a QIS invites EU insurers to apply a particular set of technical specifications to the calculation of their Solvency Capital Requirement (SCR), Minimum Capital Requirement (MCR) and technical provisions, based on their financial position at the end of the previous year.
• On 14 March 2011, EIOPA (European Insurance an Occupational Pensions - previously CEIOPS) released results of QIS5 exercise.

General infprmation

• On 25 November 2009, „Directive of the European parliament and of the council on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II)“ was approved.
• On 16 April 2010, the European Commission published a draft QIS5 technical specification for consultation. The consultation process was limited to specified stakeholders.
• On 6 July 2010, the European Commission published final technical specifications for QIS5.
• On 24 August 2010, CEIOPS published the main QIS5 spreadsheet to be used by solo undertakings and groups to complete their QIS5 submission.
• On 28 September, CEIOPS issued a 17 page 'errata' to the QIS5 technical specifications.
• On 26 October, CEIOPS issued the latest list of methodological issues raised by participants and supervisors on QIS5 which contains 180 questions and answers.
• On 14 March 2011, EIOPA (European Insurance an Occupational Pensions - previously CEIOPS) released results of QIS5 exercise.