In a speech by the Chairman of the European Insurance and Occupational Pensions Authority (EIOPA) confirmed the plan to develop guidelines to ensure that supervisory authorities put in place a prospective and risk based supervisory approach. The aim is
to prepare supervisors and affected firms for the new regime in a consistent way. The guidelines which are addressed to national supervisors are subject to a comply or explain procedure. He explained that going forward the convergence in supervisory practices
are as important as the single rule book and, as a first step, a Supervisory Handbook is to be developed for Solvency II.