EIOPA launches consultation on Good Practices for Disclosure and Selling of Variable Annuities

The European Insurance and Occupational Pensions Authority (EIOPA)
published its "Draft Report on Good Practices for Disclosure and Selling
of Variable Annuities" today and launched a public consultation.

This report summarises the findings of EIOPA's Committee on Consumer
Protection and Financial Innovation with the goal to establish good
disclosure and selling practices for variable annuities.

Today, EIOPA invites market participants and consumers to participate in a
consultation on consumer-related issues. EIOPA welcomes comments from all
interested parties on the "Draft Report on Good Practices for Disclosure
and Selling of Variable Annuities". Currently, EIOPA is seeking input
on two sets of questions relating to disclosures and selling practices.
These questions and the Draft Report can be accessed via our web site.

EIOPA's chairman Gabriel Bernardino commented: "This is EIOPA's first
consultation in the area of consumer protection and of great significance
to us. First of all, it links our work in consumer protection with
financial innovation. Secondly, even though the analysis that underlies
the report has a product specific focus, the result of this consultation
will certainly shape our view on how to deal with disclosures and selling
arrangements for insurance contracts with an investment element."

This consultation will start on Thursday 27 October, 2011 and end on 3
January 2012 at 18.00 HRS CET. Comments should be submitted via email to
CP-007@eiopa.europa.eu (Link: CP-007@eiopa.europa.eu ). Please
note that comments submitted after the deadline or not submitted on the
provided template in Word cannot be processed.

Click here to read the "Draft Report on Good Practices for Disclosure and
Selling of Variable Annuities (Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/consultations/consultationpapers/CP07-11/CP11-_007__Good_Practices_VA_.pdf
)"

Click here to download the template to submit comments (Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/consultations/consultationpapers/CP07-11/CP11-_007__Template_for_Comments_.docx
)

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Phone: +49 69 951119-20
Fax: +49 69 951119-19

info@eiopa.europa.eu
https://eiopa.europa.eu

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password on the login page of the EIOPA Restricted Area.

EIOPA publishes final reports on the equivalence assessment of the Bermudan, Japanese and Swiss supervisory systems

The European Insurance and Occupational Pensions Authority (EIOPA)
published today three equivalence reports.

In June 2010, the European Commission asked CEIOPS, EIOPA's preceding
organisation, to provide advice on whether the supervisory regimes of
Bermuda, Japan and Switzerland meet criteria of equivalence. The goal of
this equivalence assessment is to ensure that the third country regulatory
and supervisory regimes provide a similar level of policyholder /
beneficiary protection as the one provided under the Solvency II
Directive.

In addition to EIOPA's assessment the reports include the results of the
official consultation that was conducted in August and September 2011.
Market participants and interested parties provided experience and
information on relevant aspects of the supervisory practices and insurance
regulatory regimes in the three countries respectively.

EIOPA's Chairman, Gabriel Bernardino, highlights: "Third country
equivalence assessments are an important instrument towards achieving
global supervisory convergence in insurance. The equivalence assessment of
other supervisory systems is an enormous undertaking. As such, this could
only be completed successfully due to the commitment of the Bermudan,
Japanese and Swiss authorities to participate in this exercise and thanks
to their cooperation, dedication and transparency. EIOPA is committed to
continue its work to ensure that the third country regulatory and
supervisory regimes provide a similar level of policyholder protection as
the one provided under the Solvency II Directive."

Click here to read the "Report on the equivalence Assessment of the
Bermudan supervisory system (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011/august-2011/consultation-paper-no-4-eiopa-draft-report-equivalence-assessment-of-the-bermudan-supervisory-system/index.html
)".
Click here to read the "Report on the equivalence Assessment of the
Japanese supervisory system (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011/august-2011/consultation-paper-no-5-eiopa-draft-report-equivalence-assessment-of-the-japanese-supervisory-system/index.html
)".
Click here to read the "Report on the equivalence Assessment of the Swiss
supervisory system (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011/august-2011/consultation-paper-no-3-eiopa-draft-report-equivalence-assessment-of-the-swiss-supervisory-system/index.html
)".
Click here to read the Call for Advice from the European Commission
(Link:
https://eiopa.europa.eu/publications/requests-for-advice/index.html ) and
related documents.

This newsletter was sent to you by:

EIOPA
WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19

info@eiopa.europa.eu
https://eiopa.europa.eu

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Don't want to receive this newsletter anymore?

Please login to the Restricted Area of the EIOPA website and change
your user profile:

https://eiopa.europa.eu/restricted-area/index.html

If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.

EIOPA launches second consultation on "Draft Response to Call for Advice"

In April 2011, the European Commission asked EIOPA to provide advice on the
legislative framework for Institutions for Occupational Retirement
Provision (IORPs).

Today, EIOPA invites market participants and occupational pensions
stakeholders to participate in the second consultation. EIOPA welcomes
comments from all interested parties on the "Draft Response to Call for
Advice". EIOPA is currently seeking input on all 23 areas of the CfA,
including the nine areas that were addressed in the first consultation in
July/August. Details are spelled out in the "Draft Response to Call for
Advice" that can be accessed via our web site.

EIOPA would appreciate the assistance of stakeholders by including in their
responses their assessment of the impact of the draft advice. We have also
provided some very preliminary qualitative assessments of impact in the
consultation document.

This consultation will start on Tuesday 25 October, 2011 and end on 2
January 2012 at 18.00 HRS CET. Comments should be submitted via email to
CP-006@eiopa.europa.eu (Link: CP-006@eiopa.europa.eu ). Please
note that comments submitted after the deadline or not submitted on the
provided template in Word cannot be processed.

We are also publishing today our reasoned feedback on the responses to the
first consultation and the individual responses to that consultation.

Click here to read the Call for Advice from the European Commission
(Link:
https://eiopa.europa.eu/publications/requests-for-advice/index.html ) and
related documents.

Click here to read the "Draft response to Call for Advice
(Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/consultations/consultationpapers/CP06-11/CfA-1-23-draft_advice_for_consultation_EIOPA-CP-11-006_.doc
)".

Click here to download the template to submit comments (Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/consultations/consultationpapers/CP06-11/2011-10-25_template_for_responses.doc
).

Click here to read the reasoned feedback on the responses to the first
consultation (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011-closed-consultations/july-2011/consultation-on-draft-response-to-call-for-advice-on-the-review-of-the-iorp-directive/index.html
).

This newsletter was sent to you by:

EIOPA
WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19

info@eiopa.europa.eu
https://eiopa.europa.eu

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Don't want to receive this newsletter anymore?

Please login to the Restricted Area of the EIOPA website and change
your user profile:

https://eiopa.europa.eu/restricted-area/index.html

If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.

PRESS RELEASE: Japanese Minister of State for Financial Services and Postal Reform visits EIOPA

The Japanese Minister of State for Financial Services and Postal Reform,
Mr. Shozaburo Jimi, and a delegation of government officials visited the
European Insurance and Occupational Pensions Authority (EIOPA) in
Frankfurt/Main, Germany.

To read the press release, click here (Link:
https://eiopa.europa.eu/press-room/press-releases/index.html ).

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EIOPA publishes its Report on the Cross-Border Cooperation Mechanisms between Insurance Guarantee Schemes in the EU

This report is prepared as EIOPA's input to the European Commission's
policy making on Insurance Guarantee Schemes (IGSs). The report summarises
the findings of a mapping exercise of the existing mechanisms for
cross-border cooperation between Insurance Guarantee Schemes of Member
States and/or between Insurance Guarantee Schemes and national supervisory
authorities. Additionally, it provides general recommendations to the
European Commission in the area of cooperation between IGSs as well as
between supervisors and IGSs.
Read the report. (Link:
https://eiopa.europa.eu/publications/reports/index.html )

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