An efficient exchange of appropriate information between the national supervisory authorities concerned is essential for the provision of an effective process for the reaching of a joint decision on group internal models.

In order to ensure a consistent application of the process for reaching a joint decision, it is important that each step be well defined. A clear process also facilitates exchange of information, promotes mutual understanding, develops relationships between the supervisory authorities concerned and promotes effective supervision.

Timely and realistic planning for the joint decision process is essential. Every supervisory authority concerned should provide the group supervisor with relevant information on a timely basis.

Establishing and documenting clear processes for the content and implementation of the joint decision should ensure that it is fully reasoned.

The process to reach a joint decision on the application to use a group internal model should be consistent for the joint decision on major changes and for changes to the policy for changing the model for group internal models.

This Regulation is based on the draft implementing technical standards submitted by the European Insurance and Occupational Pensions Authority (EIOPA) to the Commission.

EIOPA has conducted open public consultations on the draft implementing technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council,

In order to enhance legal certainty about the supervisory regime during the phasing-in period provided for in Article 308a of Directive 2009/138/EC, which will start on 1 April 2015, it is important to ensure that this Regulation enters into force as soon as possible, on the day after that of its publication in the Official Journal of the European Union.