Solvency II Update - January 2012

Solvency II Industry Readiness Survey

The second Solvency II Industry Readiness Survey was issued by the Central Bank of Ireland's (the "Central Bank") dedicated Solvency II team on 1 September 2011. Consisting of over 70 questions, the survey addresses areas such as implementation, planning, training and communications, internal models, ORSA, QIS5 and reporting and disclosure, amongst others. According to the European Insurance and Occupational Pensions Authority ("EIOPA"), the aim of the survey is to highlight areas requiring attention from both firms and supervisors in preparing for the implementation of Solvency II.

The survey was sent to persons identified as the Solvency II responsible person in over 280 insurance and reinsurance undertakings in Ireland. Completed responses were submitted by 216 firms and 29 firms indicated that they would not be submitting a response on the basis that they were not actively preparing for Solvency II. The Central Bank has