The European Insurance and Occupational Pensions Authority (EIOPA)
published today its second half-year report for 2012 on the financial
stability of the insurance and institutions for occupational retirement
provision (IORPs) sectors in the European Economic Area (EEA).
In the report EIOPA states that financial soundness of the European
insurance and occupational pensions sectors could face a significantly
negative outlook over the medium term due to macroeconomic uncertainties
and the fragile state of financial markets. Despite recent positive
developments in financial market prices, action by the ECB and coordinated
political initiatives, the risks to financial stability remain high. This
is particularly pertinent when considering the increasing likelihood of
long-lasting low interest rates in a number of global economies, along
with capital market volatility.
In the insurance sector premium growth has been observed overall, but the
variation across companies is large. The profitability of undertakings
remains relatively stable and Solvency I capital ratios are still at
comfortable levels. This should not give rise to complacency, however, as
Solvency I, is not market or credit risk sensitive. It does not allow
supervisors to have a full picture of the underlying market and credit
risks to which undertakings are exposed.
Reinsurers' profitability in the coming months will likely remain under
pressure due to excess capacity in the market, as well as reduced demand
for reinsurance services resulting from the weak global macroeconomic
environment. Natural catastrophe losses in the course of the first 9
months of 2012 have been relatively moderate, but this trend was
interrupted by the exceptionally wide-ranging Hurricane Sandy that
occurred in the fourth quarter 2012. Initial estimates vary, but one
provisional estimate anticipates losses of up to USD 52 bn with as many as
200,000 claims for wind damage and 20,000 claims for flood damages filed
by policyholders.
The analysis of the IORPs data shows a worrying decrease in the IORPs'
funding positions, especially for larger defined benefit (DB) systems such
as those in the UK and the Netherlands. The UK statistics now show funding
levels below 80%. A key driver behind these developments is the low yield
environment, since low discount rates increase the current market value of
the liabilities. Taking a longer-term, forward looking perspective,
improved longevity of pensioners will also weigh negatively on funding
levels in the future.
The Financial Stability Report December 2012 and the Statistical Annex
Insurance 2011 can be viewed on EIOPA website (Link:
https://eiopa.europa.eu/publications/financial-stability/index.html ).
This newsletter was sent to you by:
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WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19
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maandag 17 december 2012
maandag 10 december 2012
EIOPA launches a public consultation on the first Draft Implementing Technical Standards for occupational pensions
EIOPA invites all interested parties to provide their feedback on any
aspect of draft implementing technical standards (ITS) on reporting
procedures, formats and templates that will be used by competent
authorities when submitting relevant information to EIOPA. This
information comprises these national provisions of prudential nature which
are relevant to the field of occupational pension schemes and in the same
time are not covered by the reference to national social and labour law in
Article 20(1) of the same IORP Directive (2003/41/EC).
The draft implementing technical standards seek to ensure a uniform way of
reporting on prudential provisions by authorities to EIOPA. In addition,
EIOPA will make this information available on its website. This will
result in having a centralised source of information at EU level on
national provisions of prudential nature, which may in turn improve the
transparency and comparability of prudential frameworks.
During the two public consultations on the review of the IORP Directive
carried out in 2011-2012, a lack of clarity on prudential legislation and
its interaction with social and labour law were identified by some
stakeholders as significant obstacles to cross-border activity of IORPs.
The consultation will end on 10 March 2013, at 18.00 HRS CET.
Comments should be submitted via email to CP-12-005{at}eiopa.europa.eu
(Link: CP-12-005@eiopa.europa.eu ). Please note that comments
submitted after the deadline or not submitted on a provided template
cannot be processed.
EIOPA will consider the feedback received and expects to publish a final
report on the consultation by 30 June 2013. It is envisaged that the draft
ITS will be submitted to the European Commission for endorsement by 1
January 2014.
The Consultation Paper and the template for comments can be viewed on the
EIOPA website (Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html ).
This newsletter was sent to you by:
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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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Please login to the Restricted Area of the EIOPA website and change
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password on the login page of the EIOPA Restricted Area.
aspect of draft implementing technical standards (ITS) on reporting
procedures, formats and templates that will be used by competent
authorities when submitting relevant information to EIOPA. This
information comprises these national provisions of prudential nature which
are relevant to the field of occupational pension schemes and in the same
time are not covered by the reference to national social and labour law in
Article 20(1) of the same IORP Directive (2003/41/EC).
The draft implementing technical standards seek to ensure a uniform way of
reporting on prudential provisions by authorities to EIOPA. In addition,
EIOPA will make this information available on its website. This will
result in having a centralised source of information at EU level on
national provisions of prudential nature, which may in turn improve the
transparency and comparability of prudential frameworks.
During the two public consultations on the review of the IORP Directive
carried out in 2011-2012, a lack of clarity on prudential legislation and
its interaction with social and labour law were identified by some
stakeholders as significant obstacles to cross-border activity of IORPs.
The consultation will end on 10 March 2013, at 18.00 HRS CET.
Comments should be submitted via email to CP-12-005{at}eiopa.europa.eu
(Link: CP-12-005@eiopa.europa.eu ). Please note that comments
submitted after the deadline or not submitted on a provided template
cannot be processed.
EIOPA will consider the feedback received and expects to publish a final
report on the consultation by 30 June 2013. It is envisaged that the draft
ITS will be submitted to the European Commission for endorsement by 1
January 2014.
The Consultation Paper and the template for comments can be viewed on the
EIOPA website (Link:
https://eiopa.europa.eu/consultations/consultation-papers/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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Please login to the Restricted Area of the EIOPA website and change
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password on the login page of the EIOPA Restricted Area.
vrijdag 7 december 2012
Joint Committee publishes report on the implementation of anti-money laundering and counter-terrorist financing require
The Joint Committee of the European Supervisory Authorities (EBA, ESMA and
EIOPA) has today published a report on the application of AML/CTF
obligations to, and the AML/CTF supervision of e-money issuers, agents and
distributors in Europe. The report:
• provides an overview of Member States' implementation of EU
anti-money laundering (AML) and counter-terrorist financing (CTF)
requirements in relation to the issuance, distribution and redemption of
electronic money;
• identifies areas where differences in the national implementation of
European legislation could affect the integrity of the AML/CTF regime; and
• recommends action by the European Commission to address inadequacies
in the legislation and its implementation during the current revisions of
the 2nd E-money Directive and 3rd Money Laundering Directive.
Differences in implementation
The report reveals that significant differences existed in the national
implementation of the 2nd E-Money Directive (2nd EMD) and in the
application of AML/CTF legislation to e-money issuers, their agents and
distributors.
These differences are caused by inadequate or ambiguous provisions in the
2nd EMD and 3rd Money Laundering Directive, including such issues as:
• the definition of the point in time where e-money is issued;
• the definition of e-money agents and distributors;
• the application of passporting rules and guidelines to e-money
entities; and
• the distribution of powers between home and host AML/CTF
supervisors.
The Report can be viewed under the following link:
https://eiopa.europa.eu/publications/reports/index.html (Link:
https://eiopa.europa.eu/publications/reports/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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Please login to the Restricted Area of the EIOPA website and change
your user profile:
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password on the login page of the EIOPA Restricted Area.
EIOPA) has today published a report on the application of AML/CTF
obligations to, and the AML/CTF supervision of e-money issuers, agents and
distributors in Europe. The report:
• provides an overview of Member States' implementation of EU
anti-money laundering (AML) and counter-terrorist financing (CTF)
requirements in relation to the issuance, distribution and redemption of
electronic money;
• identifies areas where differences in the national implementation of
European legislation could affect the integrity of the AML/CTF regime; and
• recommends action by the European Commission to address inadequacies
in the legislation and its implementation during the current revisions of
the 2nd E-money Directive and 3rd Money Laundering Directive.
Differences in implementation
The report reveals that significant differences existed in the national
implementation of the 2nd E-Money Directive (2nd EMD) and in the
application of AML/CTF legislation to e-money issuers, their agents and
distributors.
These differences are caused by inadequate or ambiguous provisions in the
2nd EMD and 3rd Money Laundering Directive, including such issues as:
• the definition of the point in time where e-money is issued;
• the definition of e-money agents and distributors;
• the application of passporting rules and guidelines to e-money
entities; and
• the distribution of powers between home and host AML/CTF
supervisors.
The Report can be viewed under the following link:
https://eiopa.europa.eu/publications/reports/index.html (Link:
https://eiopa.europa.eu/publications/reports/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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Please login to the Restricted Area of the EIOPA website and change
your user profile:
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If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.
donderdag 6 december 2012
EIOPA ADOPTS PROCEDURES FOR WARNINGS AND TEMPORARY RESTRICTIONS/PROHIBITIONS TO ENHANCE LEGAL CERTAINTY
The European Insurance and Occupational Pensions Authority (EIOPA)
published today procedures for how it will issue warnings and temporary
prohibitions and restrictions regarding financial activities. The
procedures are a key component of EIOPA's strategic objectives in the
area of crisis management and consumer protection/financial innovation.
Under its founding Regulation, EIOPA may issue different types of
instruments where financial activities threaten EIOPA's objective to
contribute to the stability and effectiveness of the financial system. As
such, EIOPA can issue warnings in the event that a financial activity
poses a serious threat to its objectives. Moreover, the Authority may also
temporarily prohibit or restrict certain financial activities that
threaten the orderly functioning and integrity of financial markets or the
stability of the financial system.
The procedures have been adopted with a view to ensuring legal certainty in
the process of adopting any warnings or temporary
prohibitions/restrictions by establishing a basic framework for any future
action. In doing so, the procedures lay down the steps to be followed for
identifying threats and initiating the further assessment process within
EIOPA. Moreover, the procedures lay down the rights and obligations of the
addressees of any warnings or temporary measures, how such warnings and
measures will be communicated, their duration and review provisions.
The procedures outline the steps to be taken both in the case of warnings
and temporary prohibitions and restrictions. It is noted, however, that as
regards the temporary measures, the EIOPA Regulation foresees that such
measures can only be issued where sectoral legislation sets the specific
conditions for doing so. At the moment, there is no such sectoral
legislation in the insurance and occupational pension area.
The document can be viewed under the following link:
https://eiopa.europa.eu/activities/consumer-protection-and-financial-innovation/index.html
(Link:
https://eiopa.europa.eu/activities/consumer-protection-and-financial-innovation/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
---
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.
published today procedures for how it will issue warnings and temporary
prohibitions and restrictions regarding financial activities. The
procedures are a key component of EIOPA's strategic objectives in the
area of crisis management and consumer protection/financial innovation.
Under its founding Regulation, EIOPA may issue different types of
instruments where financial activities threaten EIOPA's objective to
contribute to the stability and effectiveness of the financial system. As
such, EIOPA can issue warnings in the event that a financial activity
poses a serious threat to its objectives. Moreover, the Authority may also
temporarily prohibit or restrict certain financial activities that
threaten the orderly functioning and integrity of financial markets or the
stability of the financial system.
The procedures have been adopted with a view to ensuring legal certainty in
the process of adopting any warnings or temporary
prohibitions/restrictions by establishing a basic framework for any future
action. In doing so, the procedures lay down the steps to be followed for
identifying threats and initiating the further assessment process within
EIOPA. Moreover, the procedures lay down the rights and obligations of the
addressees of any warnings or temporary measures, how such warnings and
measures will be communicated, their duration and review provisions.
The procedures outline the steps to be taken both in the case of warnings
and temporary prohibitions and restrictions. It is noted, however, that as
regards the temporary measures, the EIOPA Regulation foresees that such
measures can only be issued where sectoral legislation sets the specific
conditions for doing so. At the moment, there is no such sectoral
legislation in the insurance and occupational pension area.
The document can be viewed under the following link:
https://eiopa.europa.eu/activities/consumer-protection-and-financial-innovation/index.html
(Link:
https://eiopa.europa.eu/activities/consumer-protection-and-financial-innovation/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.
woensdag 5 december 2012
EIOPA publishes Methodology Report for Collecting, Analysing and Reporting on Consumer Trends
The European Insurance and Occupational Pensions Authority (EIOPA) has
today published its report on the Methodology for Collecting, Analysing
and Reporting on Consumer Trends.
This enhanced methodology will be used by EIOPA to produce its annual
Consumer Trends report, as part of its tasks under Article 9(1)(a) of
EIOPA Regulation, to take a leading role in promoting transparency,
simplicity and fairness in the market for consumers.
This report describes the methodology for collecting, analysing and
reporting on consumer trends.
EIOPA's goals in this area are threefold:
to establish a framework for the collection of consumer trends information
from National Supervisory Authorities (NSAs) including:
exploring possible data sources;
checking the availability of the data from these sources; and
considering the level of comparability of the available data;to develop a
methodology to collect and analyse the consumer trends information; andto
establish a process for producing a report on the consumer trends
identified from the information gathered and analysis conducted.
EIOPA seeks to collect both quantitative and qualitative data where it may
be a useful indicator of a consumer trend and where a significant number
of Member States have the data available.
The Report on the Methodology for Collecting, Analysing and Reporting on
Consumer Trends can be accessed via the following link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/2012-11_Methodology_on_collecting_consumer_trends.pdf
(Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/2012-11_Methodology_on_collecting_consumer_trends.pdf
)
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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Please login to the Restricted Area of the EIOPA website and change
your user profile:
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If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.
today published its report on the Methodology for Collecting, Analysing
and Reporting on Consumer Trends.
This enhanced methodology will be used by EIOPA to produce its annual
Consumer Trends report, as part of its tasks under Article 9(1)(a) of
EIOPA Regulation, to take a leading role in promoting transparency,
simplicity and fairness in the market for consumers.
This report describes the methodology for collecting, analysing and
reporting on consumer trends.
EIOPA's goals in this area are threefold:
to establish a framework for the collection of consumer trends information
from National Supervisory Authorities (NSAs) including:
exploring possible data sources;
checking the availability of the data from these sources; and
considering the level of comparability of the available data;to develop a
methodology to collect and analyse the consumer trends information; andto
establish a process for producing a report on the consumer trends
identified from the information gathered and analysis conducted.
EIOPA seeks to collect both quantitative and qualitative data where it may
be a useful indicator of a consumer trend and where a significant number
of Member States have the data available.
The Report on the Methodology for Collecting, Analysing and Reporting on
Consumer Trends can be accessed via the following link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/2012-11_Methodology_on_collecting_consumer_trends.pdf
(Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/2012-11_Methodology_on_collecting_consumer_trends.pdf
)
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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password on the login page of the EIOPA Restricted Area.
donderdag 29 november 2012
DNB Nieuwsservice - 29 november 2012 - Nieuwsbericht Solvency II
| DNB Nieuwsservice | 29 november 2012 | ||
| Geachte heer Ivan Kooiman, | |||
| De Nederlandsche Bank heeft vandaag het volgende bericht op haar website gepubliceerd: | |||
 | |||
| Open Boek Toezicht – Solvency II (29 november 2012) | |||
| Deze editie van het Solvency II nieuwsbericht gaat in op programma van het aankomende symposium. | |||
 lees meer | |||
| | |||
| Met vriendelijke groet, | |||
| De Nederlandsche Bank | |||
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vrijdag 16 november 2012
Guidelines on Complaints-Handling by Insurance Undertakings: publication of translations into all the official EU langua
EIOPA published today the translation of Guidelines on Complaints-Handling
by Insurance Undertakings into all 23 official languages of the European
Union.
The Guidelines, which are addressed to national supervisory authorities
(NSAs), aim to provide guidance on appropriate internal systems and
control for complaints-handling by insurers (such as having a complaints
management policy and complaints management function in place), render
them more effective and provide guidance on the provision of information
and procedures for responding to complaints, thereby ensuring the adequate
protection of policyholders and beneficiaries.
By having translated the Guidelines into all the official languages of the
EU, today's publication triggers a transitional period of two months,
that aims at 15 January 2013, within which national supervisors have to
declare whether they intend to comply with the Guidelines or otherwise
explain the reasons for non-compliance which may be made public by EIOPA
on a case-by-case basis. According to Article 16(3) of the Regulation
establishing EIOPA, national supervisors have to make every effort to
comply with the Guidelines.
All the language versions of EIOPA Guidelines on Complaints-Handling by
Insurance Undertakings can be viewed under the following link:
https://eiopa.europa.eu/publications/eiopa-guidelines/index.html
(Link:
https://eiopa.europa.eu/publications/eiopa-guidelines/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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Please login to the Restricted Area of the EIOPA website and change
your user profile:
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If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.
by Insurance Undertakings into all 23 official languages of the European
Union.
The Guidelines, which are addressed to national supervisory authorities
(NSAs), aim to provide guidance on appropriate internal systems and
control for complaints-handling by insurers (such as having a complaints
management policy and complaints management function in place), render
them more effective and provide guidance on the provision of information
and procedures for responding to complaints, thereby ensuring the adequate
protection of policyholders and beneficiaries.
By having translated the Guidelines into all the official languages of the
EU, today's publication triggers a transitional period of two months,
that aims at 15 January 2013, within which national supervisors have to
declare whether they intend to comply with the Guidelines or otherwise
explain the reasons for non-compliance which may be made public by EIOPA
on a case-by-case basis. According to Article 16(3) of the Regulation
establishing EIOPA, national supervisors have to make every effort to
comply with the Guidelines.
All the language versions of EIOPA Guidelines on Complaints-Handling by
Insurance Undertakings can be viewed under the following link:
https://eiopa.europa.eu/publications/eiopa-guidelines/index.html
(Link:
https://eiopa.europa.eu/publications/eiopa-guidelines/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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Please login to the Restricted Area of the EIOPA website and change
your user profile:
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If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.
donderdag 18 oktober 2012
EIOPA CONFERENCE 2012 (21 November 2012, Frankfurt am Main) - coming soon!
The European Insurance and Occupational Pensions Authority (EIOPA) is
pleased to announce that registration for its annual conference is now
open!
When: 21 November 2012
8:15 – 16:50 h
Where: Congress Center Messe Frankfurt
Panel sessions: »Pensions – What Shall We Change so that Nothing
Changes?«
Many of today's older Europeans can look forward to generous pensions
paid for many decades. But an ageing population, low growth and
constraints on public expenditure make the prospects for tomorrow's
pensioners uncertain. What should we change now to meet these challenges?
»Insurance Regulation – The Way Ahead«
At its inception, Solvency II showed the way ahead for the new insurance
regulatory landscape. The project would ensure high level standards for
consumer protection but also mirrored benefits for the industry in Europe
and globally.
Today, the project is facing its biggest challenge: reality. Which options
will ensure the long-term sustainability of the business in highly
volatile markets? Regulators, industry, consumers and practitioners are
invited to present their views on how to ensure the success of the
regulatory overhaul.
»Financial Stability – Are Insurers Actors or Victims?«
In the wake of the financial crisis, insurers find themselves in the middle
of the regulatory limelight amid discussions on systemic importance and
shadow banking. At the same time, the sector is struggling with declining
asset values and exceptionally low interest rates. Are insurers victims of
a banking-originated crisis, or actors in a global financial shake-up?
Key note speeches: Gabriel Bernardino; Chairperson, EIOPA, Frankfurt am
Main, Germany
Dr. Thomas Steffen; State Secretary, Federal Ministry of Finance, Berlin,
Germany
You can view the full programme here (Link:
https://eiopa.europa.eu/conferences-events/eiopa-conference/eiopa-conference-2012/programme/index.html
). Interested parties can find more information and registration details
on the conference website (Link:
https://eiopa.europa.eu/conferences-events/eiopa-conference/eiopa-conference-2012/index.html
).
Yours sincerely,
Florian Ouillades
on behalf of Gabriel Bernardino (Chairman EIOPA)
EIOPA
WesthafenTower
Westhafenplatz 1
60327 Frankfurt am Main
Germany
Tel: +49 69 9511 19-20
Fax: +49 69 9511 19-19
eiopaconference@eiopa.europa.eu
www.eiopa.europa.eu
This newsletter was sent to you by:
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WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19
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https://eiopa.europa.eu
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password on the login page of the EIOPA Restricted Area.
pleased to announce that registration for its annual conference is now
open!
When: 21 November 2012
8:15 – 16:50 h
Where: Congress Center Messe Frankfurt
Panel sessions: »Pensions – What Shall We Change so that Nothing
Changes?«
Many of today's older Europeans can look forward to generous pensions
paid for many decades. But an ageing population, low growth and
constraints on public expenditure make the prospects for tomorrow's
pensioners uncertain. What should we change now to meet these challenges?
»Insurance Regulation – The Way Ahead«
At its inception, Solvency II showed the way ahead for the new insurance
regulatory landscape. The project would ensure high level standards for
consumer protection but also mirrored benefits for the industry in Europe
and globally.
Today, the project is facing its biggest challenge: reality. Which options
will ensure the long-term sustainability of the business in highly
volatile markets? Regulators, industry, consumers and practitioners are
invited to present their views on how to ensure the success of the
regulatory overhaul.
»Financial Stability – Are Insurers Actors or Victims?«
In the wake of the financial crisis, insurers find themselves in the middle
of the regulatory limelight amid discussions on systemic importance and
shadow banking. At the same time, the sector is struggling with declining
asset values and exceptionally low interest rates. Are insurers victims of
a banking-originated crisis, or actors in a global financial shake-up?
Key note speeches: Gabriel Bernardino; Chairperson, EIOPA, Frankfurt am
Main, Germany
Dr. Thomas Steffen; State Secretary, Federal Ministry of Finance, Berlin,
Germany
You can view the full programme here (Link:
https://eiopa.europa.eu/conferences-events/eiopa-conference/eiopa-conference-2012/programme/index.html
). Interested parties can find more information and registration details
on the conference website (Link:
https://eiopa.europa.eu/conferences-events/eiopa-conference/eiopa-conference-2012/index.html
).
Yours sincerely,
Florian Ouillades
on behalf of Gabriel Bernardino (Chairman EIOPA)
EIOPA
WesthafenTower
Westhafenplatz 1
60327 Frankfurt am Main
Germany
Tel: +49 69 9511 19-20
Fax: +49 69 9511 19-19
eiopaconference@eiopa.europa.eu
www.eiopa.europa.eu
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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Please login to the Restricted Area of the EIOPA website and change
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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 publishes the first part of the updated Technical Specifications for the valuation of Solvency II Balance Sheet
The updated Technical Specifications (TS) is a working document that EIOPA
recommends to insurance and reinsurance undertakings to use in any
quantitative assessments.
EIOPA decided to publish the updated TS in order to help participants in
the upcoming Long Term Guarantee Assessment (LTGA) to better prepare for
the exercise, whenever it is agreed between the trialogue parties.
However, the first part of the updated TS contains only general
specifications that don't depend on the Long Term Guarantee (LTG)
package. The LTG-related technical specifications are still under
political discussions and will be published by EIOPA in due course as a
second part.
The first part of the updated TS and the respective Annexes can be viewed
here (Link:
https://eiopa.europa.eu/consultations/qis/insurance/preparatory-forthcoming-assessments/index.html
).
The undertakings are kindly asked to submit their questions to their
supervisory authorities. Questions and answers of general interest will be
made publicly available on EIOPA website.
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
---
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.
recommends to insurance and reinsurance undertakings to use in any
quantitative assessments.
EIOPA decided to publish the updated TS in order to help participants in
the upcoming Long Term Guarantee Assessment (LTGA) to better prepare for
the exercise, whenever it is agreed between the trialogue parties.
However, the first part of the updated TS contains only general
specifications that don't depend on the Long Term Guarantee (LTG)
package. The LTG-related technical specifications are still under
political discussions and will be published by EIOPA in due course as a
second part.
The first part of the updated TS and the respective Annexes can be viewed
here (Link:
https://eiopa.europa.eu/consultations/qis/insurance/preparatory-forthcoming-assessments/index.html
).
The undertakings are kindly asked to submit their questions to their
supervisory authorities. Questions and answers of general interest will be
made publicly available on EIOPA website.
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
---
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.
dinsdag 16 oktober 2012
EIOPA launches Quantitative Impact Study for occupational pensions
The European Insurance and Occupational Pensions Authority (EIOPA) launches
today the first Quantitative Impact Study (QIS) on Institutions for
Occupational Retirement Provision (IORPs), as part of its process to
advise the European Commission on the review of the IORP Directive.
The QIS will assess the financial impact of different sets of options for
the valuation of the holistic balance sheet and the calculation of capital
requirements. It will also deal with the quantification of the security
and benefit adjustment mechanisms existing in different countries.
The exercise is targeted at IORPs that run defined benefit pension plans.
IORPs that only provide pure defined contribution schemes are excluded
from the scope. In order to facilitate the participation in the QIS of
smaller IORPs, EIOPA developed so-called 'helper tabs' –
spreadsheets that will assist IORPs in valuing sponsor support and pension
protection schemes by using simplifications.
Nine European countries, in which defined benefit pension plans are most
prevalent, have volunteered to participate in the study: Belgium, France,
Germany, Ireland, the Netherlands, Norway, Portugal, Sweden and the United
Kingdom. The national supervisory authorities (NSAs) are responsible for
conducting the QIS in their country. The exercise will be performed by
either selected IORPs or by the NSAs themselves using real or aggregate
data; or by actuarial firms acting on behalf of NSAs; or a combination.
EIOPA will coordinate the QIS at the European level, will be in charge of a
question & answer procedure and will analyse the individual data in order
to ensure consistency of the results.
The exercise runs until 17 December 2012 and the report on the QIS outcome
is expected to be released in spring 2013.
Gabriel Bernardino, Chairman of EIOPA, said: "I am pleased that we have
been able to take this important step in the development of a new European
framework for occupational pension funds. In our advice to the European
Commission we proposed the holistic balance sheet (HBS) concept as a means
to capture the wide diversity of retirement systems in a single prudential
regime. This QIS will allow us to investigate the feasibility of
implementing the HBS in practice".
The documentation related to the QIS for occupational pensions can be found
here (Link:
https://eiopa.europa.eu/consultations/qis/occupational-pensions/quantitative-impact-study/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
---
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.
today the first Quantitative Impact Study (QIS) on Institutions for
Occupational Retirement Provision (IORPs), as part of its process to
advise the European Commission on the review of the IORP Directive.
The QIS will assess the financial impact of different sets of options for
the valuation of the holistic balance sheet and the calculation of capital
requirements. It will also deal with the quantification of the security
and benefit adjustment mechanisms existing in different countries.
The exercise is targeted at IORPs that run defined benefit pension plans.
IORPs that only provide pure defined contribution schemes are excluded
from the scope. In order to facilitate the participation in the QIS of
smaller IORPs, EIOPA developed so-called 'helper tabs' –
spreadsheets that will assist IORPs in valuing sponsor support and pension
protection schemes by using simplifications.
Nine European countries, in which defined benefit pension plans are most
prevalent, have volunteered to participate in the study: Belgium, France,
Germany, Ireland, the Netherlands, Norway, Portugal, Sweden and the United
Kingdom. The national supervisory authorities (NSAs) are responsible for
conducting the QIS in their country. The exercise will be performed by
either selected IORPs or by the NSAs themselves using real or aggregate
data; or by actuarial firms acting on behalf of NSAs; or a combination.
EIOPA will coordinate the QIS at the European level, will be in charge of a
question & answer procedure and will analyse the individual data in order
to ensure consistency of the results.
The exercise runs until 17 December 2012 and the report on the QIS outcome
is expected to be released in spring 2013.
Gabriel Bernardino, Chairman of EIOPA, said: "I am pleased that we have
been able to take this important step in the development of a new European
framework for occupational pension funds. In our advice to the European
Commission we proposed the holistic balance sheet (HBS) concept as a means
to capture the wide diversity of retirement systems in a single prudential
regime. This QIS will allow us to investigate the feasibility of
implementing the HBS in practice".
The documentation related to the QIS for occupational pensions can be found
here (Link:
https://eiopa.europa.eu/consultations/qis/occupational-pensions/quantitative-impact-study/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
---
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.
dinsdag 2 oktober 2012
EIOPA publishes draft technical specifications for the QIS of its final advice on the IORP Directive review
The European Insurance and Occupational Pensions Authority (EIOPA) has
published today draft technical specifications for the quantitative impact
study (QIS) of EIOPA's advice to the European Commission (EC) on the
review of the IORP Directive. The advice recognises the importance of
performing a QIS and remains conditional on the results of the study.
Between 15 June and 31 July 2012 EIOPA conducted a public consultation on
the draft technical specifications for the QIS and received 117 responses
from Belgium, France, Germany, Ireland, Italy, the Netherlands, Sweden and
the UK as well as from several European and international organisations.
41% of all the responses were submitted by employers, 24% by pension funds
and the remaining 35% of feedbacks originated from other organisations,
such as trade unions, insurers, actuarial consultants and asset managers.
The Occupational Pensions Stakeholder Group of EIOPA also submitted its
opinion on the draft technical specifications (Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/Stakeholder_groups/opinions-feedback/20120801-EIOPA-OPSG-Opinion-CP-003-12-QIS-TS-IORPII.pdf
).
The consultation responses have been carefully considered and in some cases
the technical specifications were adjusted in the light of the comments
and suggestions received. EIOPA identified a number of areas in the
technical specifications that needed to be further developed and tested in
follow-up QIS exercises. A reasoned feedback on all the (non-confidential)
responses has been made available on EIOPA's website.
The draft technical specifications have been submitted to the European
Commission (The Internal Market and Services Directorate General). The EC
will consider the contents of the draft technical specifications and –
after possible amendments – will take ownership of the final technical
specifications.
The QIS exercise is expected to start in the first half of October and run
until mid-December 2012. EIOPA plans to publish the results of the QIS in
the second quarter of 2013.
The draft technical specifications, the responses to the public
consultation as well as EIOPA's reasoned feedback can be viewed here:
https://eiopa.europa.eu/consultations/consultation-papers/2012-closed-consultations/june-2012/cp-0032012-draft-technical-specifications-for-the-qis-of-eiopas-advice-on-the-review-of-the-iorp-directive/index.html
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/2012-closed-consultations/june-2012/cp-0032012-draft-technical-specifications-for-the-qis-of-eiopas-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
---
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.
published today draft technical specifications for the quantitative impact
study (QIS) of EIOPA's advice to the European Commission (EC) on the
review of the IORP Directive. The advice recognises the importance of
performing a QIS and remains conditional on the results of the study.
Between 15 June and 31 July 2012 EIOPA conducted a public consultation on
the draft technical specifications for the QIS and received 117 responses
from Belgium, France, Germany, Ireland, Italy, the Netherlands, Sweden and
the UK as well as from several European and international organisations.
41% of all the responses were submitted by employers, 24% by pension funds
and the remaining 35% of feedbacks originated from other organisations,
such as trade unions, insurers, actuarial consultants and asset managers.
The Occupational Pensions Stakeholder Group of EIOPA also submitted its
opinion on the draft technical specifications (Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/Stakeholder_groups/opinions-feedback/20120801-EIOPA-OPSG-Opinion-CP-003-12-QIS-TS-IORPII.pdf
).
The consultation responses have been carefully considered and in some cases
the technical specifications were adjusted in the light of the comments
and suggestions received. EIOPA identified a number of areas in the
technical specifications that needed to be further developed and tested in
follow-up QIS exercises. A reasoned feedback on all the (non-confidential)
responses has been made available on EIOPA's website.
The draft technical specifications have been submitted to the European
Commission (The Internal Market and Services Directorate General). The EC
will consider the contents of the draft technical specifications and –
after possible amendments – will take ownership of the final technical
specifications.
The QIS exercise is expected to start in the first half of October and run
until mid-December 2012. EIOPA plans to publish the results of the QIS in
the second quarter of 2013.
The draft technical specifications, the responses to the public
consultation as well as EIOPA's reasoned feedback can be viewed here:
https://eiopa.europa.eu/consultations/consultation-papers/2012-closed-consultations/june-2012/cp-0032012-draft-technical-specifications-for-the-qis-of-eiopas-advice-on-the-review-of-the-iorp-directive/index.html
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/2012-closed-consultations/june-2012/cp-0032012-draft-technical-specifications-for-the-qis-of-eiopas-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:
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If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.
maandag 1 oktober 2012
EU-US Insurance Regulatory Dialogue Project invites public comment
The Steering Committee of the EU-US Dialogue Project invites public comment
on the draft factual Report based on the results of the Project's seven
technical committees.
The objective of the Project, which builds on more than a decade of EU-US
regulatory dialogue, is to deepen insight into the overall design,
function and objectives of the key aspects of the insurance supervisory
regimes in the European Union and the United States, and to identify
important characteristics of both regimes.
The Report addresses the following seven areas and identifies key
commonalities and differences of the two regimes:
Professional secrecy and confidentiality; Group supervision; Solvency and
capital requirements; Reinsurance and collateral requirements; Supervisory
reporting, data collection and analysis and disclosure; Supervisory peer
reviews; Independent third party reviews and supervisory on-site
inspections;
All interested parties can contribute to the consultation process by
participating in the two public hearings that will take place at 14.00 hrs
EDT on 12 October 2012 in Washington DC at the Grand Hyatt and at 10.00
hrs CET on 16 October 2012 in Brussels at the Centre de Conférences
Albert Borschette.
Requests to provide oral statements during the public hearings should be
sent by 10 October 2012 to the following email addresses:
tom.finnell{at}treasury.gov (Link: tom.finnell@treasury.gov )
(Washington Hearing) and Manuela.Zweimueller{at}eiopa.europa.eu
(Link: Manuela.Zweimueller@eiopa.europa.eu ) (Brussels
Hearing).
Registration to attend the hearings – whether or not there is an intent
to provide an oral statement - has to be carried out via the respective
email account and webpage:
Washington Hearing:
useuprojecthearingdc{at}naic.org (Link:
useuprojecthearingdc@naic.org )
Brussels Hearing (Please note that the registration will start as of the
next week only):
http://ec.europa.eu/internal_market/insurance/solvency/latest/index_en.htm
(Link:
http://ec.europa.eu/internal_market/insurance/solvency/latest/index_en.htm )
Written submissions by all interested parties are also welcome and can be
sent to the email address: EUUSProjectReport{at}eiopa.europa.eu
(Link: EUUSProjectReport@eiopa.europa.eu ) before 23.55 hrs
CET on 28 October 2012.
The EU-US Dialogue Project started in early 2012, when the European
Commission (EC), EIOPA, the US National Association of Insurance
Commissioners (NAIC) and the Federal Insurance Office of the US Department
of the Treasury (FIO) agreed to participate in a deeper dialogue project
(Project) to contribute to an increased mutual understanding and enhanced
cooperation between the EU and the U.S. to promote business opportunity,
consumer protection and effective supervision.
Seven Technical Committees (TC) of the Project were established in order to
address the above outlined specific topics. Each TC comprises experienced
professionals from both the European Union and the United States,
specifically, from FIO, the EC, the NAIC and EIOPA, as well as
representatives from state insurance regulatory agencies in the US and
competent authorities of EU Member States.
The Steering Committee of the Project was established in order to take all
key decisions on the direction of the Project and to provide clarity to
the technical committees. The Steering Committee consists of six members,
comprised of three US and three EU officials: Michael McRaith, Director of
FIO; Kevin McCarty, President of the NAIC; Terri Vaughan, CEO of the NAIC;
Karel Van Hulle, EC Head of Unit, Gabriel Bernardino, Chairman of EIOPA;
and Ed Forshaw, Manager Prudential Policy Division of the FSA and Chair of
EIOPA's Equivalence Committee.
More information on the two public hearings is available on EIOPA website
(Link:
https://eiopa.europa.eu/consultations/public-hearings/forthcoming/20121016/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
---
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.
on the draft factual Report based on the results of the Project's seven
technical committees.
The objective of the Project, which builds on more than a decade of EU-US
regulatory dialogue, is to deepen insight into the overall design,
function and objectives of the key aspects of the insurance supervisory
regimes in the European Union and the United States, and to identify
important characteristics of both regimes.
The Report addresses the following seven areas and identifies key
commonalities and differences of the two regimes:
Professional secrecy and confidentiality; Group supervision; Solvency and
capital requirements; Reinsurance and collateral requirements; Supervisory
reporting, data collection and analysis and disclosure; Supervisory peer
reviews; Independent third party reviews and supervisory on-site
inspections;
All interested parties can contribute to the consultation process by
participating in the two public hearings that will take place at 14.00 hrs
EDT on 12 October 2012 in Washington DC at the Grand Hyatt and at 10.00
hrs CET on 16 October 2012 in Brussels at the Centre de Conférences
Albert Borschette.
Requests to provide oral statements during the public hearings should be
sent by 10 October 2012 to the following email addresses:
tom.finnell{at}treasury.gov (Link: tom.finnell@treasury.gov )
(Washington Hearing) and Manuela.Zweimueller{at}eiopa.europa.eu
(Link: Manuela.Zweimueller@eiopa.europa.eu ) (Brussels
Hearing).
Registration to attend the hearings – whether or not there is an intent
to provide an oral statement - has to be carried out via the respective
email account and webpage:
Washington Hearing:
useuprojecthearingdc{at}naic.org (Link:
useuprojecthearingdc@naic.org )
Brussels Hearing (Please note that the registration will start as of the
next week only):
http://ec.europa.eu/internal_market/insurance/solvency/latest/index_en.htm
(Link:
http://ec.europa.eu/internal_market/insurance/solvency/latest/index_en.htm )
Written submissions by all interested parties are also welcome and can be
sent to the email address: EUUSProjectReport{at}eiopa.europa.eu
(Link: EUUSProjectReport@eiopa.europa.eu ) before 23.55 hrs
CET on 28 October 2012.
The EU-US Dialogue Project started in early 2012, when the European
Commission (EC), EIOPA, the US National Association of Insurance
Commissioners (NAIC) and the Federal Insurance Office of the US Department
of the Treasury (FIO) agreed to participate in a deeper dialogue project
(Project) to contribute to an increased mutual understanding and enhanced
cooperation between the EU and the U.S. to promote business opportunity,
consumer protection and effective supervision.
Seven Technical Committees (TC) of the Project were established in order to
address the above outlined specific topics. Each TC comprises experienced
professionals from both the European Union and the United States,
specifically, from FIO, the EC, the NAIC and EIOPA, as well as
representatives from state insurance regulatory agencies in the US and
competent authorities of EU Member States.
The Steering Committee of the Project was established in order to take all
key decisions on the direction of the Project and to provide clarity to
the technical committees. The Steering Committee consists of six members,
comprised of three US and three EU officials: Michael McRaith, Director of
FIO; Kevin McCarty, President of the NAIC; Terri Vaughan, CEO of the NAIC;
Karel Van Hulle, EC Head of Unit, Gabriel Bernardino, Chairman of EIOPA;
and Ed Forshaw, Manager Prudential Policy Division of the FSA and Chair of
EIOPA's Equivalence Committee.
More information on the two public hearings is available on EIOPA website
(Link:
https://eiopa.europa.eu/consultations/public-hearings/forthcoming/20121016/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.
woensdag 25 juli 2012
EIOPA publishes the database of registered financial institutions
The European Insurance and Occupational Pensions Authority (EIOPA)
published now a database of registered financial institutions. At this
stage, the database contains information on insurance undertakings; other
registered financial institutions will be added in due course.
The EIOPA database is compiled from information received from the EEA
national competent authorities and offers a comprehensive overview of the
European insurance sector.
The publication of this database is one of the tasks assigned to EIOPA by
Article 8 of EIOPA's Regulation, according to which EIOPA should provide
to the public easily accessible information on registered financial
institutions.
The database is accessible under the following link on EIOPA website:
https://eiopa.europa.eu/publications/register-of-insurance-undertakings/index.html
(Link:
https://eiopa.europa.eu/publications/register-of-insurance-undertakings/index.html
)
*EIOPA is aware that there are differences between the information
published herein and the lists available in the national public
registries.
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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password on the login page of the EIOPA Restricted Area.
published now a database of registered financial institutions. At this
stage, the database contains information on insurance undertakings; other
registered financial institutions will be added in due course.
The EIOPA database is compiled from information received from the EEA
national competent authorities and offers a comprehensive overview of the
European insurance sector.
The publication of this database is one of the tasks assigned to EIOPA by
Article 8 of EIOPA's Regulation, according to which EIOPA should provide
to the public easily accessible information on registered financial
institutions.
The database is accessible under the following link on EIOPA website:
https://eiopa.europa.eu/publications/register-of-insurance-undertakings/index.html
(Link:
https://eiopa.europa.eu/publications/register-of-insurance-undertakings/index.html
)
*EIOPA is aware that there are differences between the information
published herein and the lists available in the national public
registries.
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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password on the login page of the EIOPA Restricted Area.
dinsdag 24 juli 2012
EIOPA publishes Report on the Role of Insurance Guarantee Schemes in the Winding-Up Procedures of Insolvent Undertakings
The European Insurance and Occupational Pensions Authority (EIOPA) has
published its Report on the Role of Insurance Guarantee Schemes in the
Winding-Up Procedures of Insolvent Undertakings in the EU/EEA today.
The aim of the report is to summarize the results of a survey on the role
of IGSs in the winding-up procedures of insolvent undertakings across the
EU/EEA in which 24 members participated.
Findings from this report highlight the lack of harmonization in areas such
as:
- Which authority takes a decision to intervene in case an insurance
undertaking becomes insolvent;
- The ability to provide for portfolio transfer;
- A lack of pre-warning systems when an insurance undertaking experiences
difficulties;
- The role of the supervisory authority when an insurance undertaking
becomes insolvent.
The findings also highlight that policyholders can be at risk of
inconsistent treatment across Member States and little or no insurance
cover due to the lack of a harmonized approach to IGSs across the EU/EEA.
The text of this report can be viewed on the EIOPA website
(Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/Report_on_the_Role_of_Insurance_Guarantee_Schemes_in_the_Winding-Up_Procedures_of_Insolvent_Undertakings_in_the_EU-EEA.pdf
).
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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Please login to the Restricted Area of the EIOPA website and change
your user profile:
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password on the login page of the EIOPA Restricted Area.
published its Report on the Role of Insurance Guarantee Schemes in the
Winding-Up Procedures of Insolvent Undertakings in the EU/EEA today.
The aim of the report is to summarize the results of a survey on the role
of IGSs in the winding-up procedures of insolvent undertakings across the
EU/EEA in which 24 members participated.
Findings from this report highlight the lack of harmonization in areas such
as:
- Which authority takes a decision to intervene in case an insurance
undertaking becomes insolvent;
- The ability to provide for portfolio transfer;
- A lack of pre-warning systems when an insurance undertaking experiences
difficulties;
- The role of the supervisory authority when an insurance undertaking
becomes insolvent.
The findings also highlight that policyholders can be at risk of
inconsistent treatment across Member States and little or no insurance
cover due to the lack of a harmonized approach to IGSs across the EU/EEA.
The text of this report can be viewed on the EIOPA website
(Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/Report_on_the_Role_of_Insurance_Guarantee_Schemes_in_the_Winding-Up_Procedures_of_Insolvent_Undertakings_in_the_EU-EEA.pdf
).
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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Please login to the Restricted Area of the EIOPA website and change
your user profile:
https://eiopa.europa.eu/restricted-area/index.html
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password on the login page of the EIOPA Restricted Area.
donderdag 19 juli 2012
The Occupational Pensions Stakeholder Group (OPSG) of EIOPA publishes its feedback on the EC White Paper "An Agenda for
The Occupational Pensions Stakeholder Group (OPSG) of EIOPA published its
Feedback Statement on the European Commission White Paper "An Agenda for
Adequate, Safe and Sustainable Pensions" that looks at how the EU and
the Member States can work to tackle the major challenges that confront
our pension systems.
In its Statement the OPSG commented on the European Commission's analysis
and initiatives and provided recommendations on such issues as structure
of pension systems, development of pillar 2 pensions, reporting on pension
systems by Member States, flexibility of the pension systems and the need
for mobility, information to members related to the three pillar pensions,
protection of pensions and good practices. OPSG recommended that
regulation of pensions be balanced between citizen's rights and economic
needs underlining efficiency as a critical factor for the development of
adequate, safe and sustainable and regulation to and flexibility of the
pension schemes etc.
The Feedback Statement is part of the OPSG's own initiative work. It was
prepared by a specially formed sub-group led by Mr. Klaus STRUWE
(beneficiaries group) who had to align and balance different opinions
expressed during the preparation process.
On 17 July 2012 Chris VERHAEGEN, Chair of the OPSG, sent the Feedback
Statement to EIOPA Chairman, to the European Commission and to the
European Parliament.
The text of the Feedback Statement can be viewed under the following link
on EIOPA website (Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/Stakeholder_groups/opinions-feedback/EIOPA-OPSG-12-06_Feedback_Statement_on_EC_White_Paper_on_Pensions.pdf
).
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
---
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
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password on the login page of the EIOPA Restricted Area.
Feedback Statement on the European Commission White Paper "An Agenda for
Adequate, Safe and Sustainable Pensions" that looks at how the EU and
the Member States can work to tackle the major challenges that confront
our pension systems.
In its Statement the OPSG commented on the European Commission's analysis
and initiatives and provided recommendations on such issues as structure
of pension systems, development of pillar 2 pensions, reporting on pension
systems by Member States, flexibility of the pension systems and the need
for mobility, information to members related to the three pillar pensions,
protection of pensions and good practices. OPSG recommended that
regulation of pensions be balanced between citizen's rights and economic
needs underlining efficiency as a critical factor for the development of
adequate, safe and sustainable and regulation to and flexibility of the
pension schemes etc.
The Feedback Statement is part of the OPSG's own initiative work. It was
prepared by a specially formed sub-group led by Mr. Klaus STRUWE
(beneficiaries group) who had to align and balance different opinions
expressed during the preparation process.
On 17 July 2012 Chris VERHAEGEN, Chair of the OPSG, sent the Feedback
Statement to EIOPA Chairman, to the European Commission and to the
European Parliament.
The text of the Feedback Statement can be viewed under the following link
on EIOPA website (Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/Stakeholder_groups/opinions-feedback/EIOPA-OPSG-12-06_Feedback_Statement_on_EC_White_Paper_on_Pensions.pdf
).
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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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.
maandag 16 juli 2012
EIOPA announces its 2012 Conference: 21 November 2012, Frankfurt am Main
Dear Sir or Madam,
EIOPA has the pleasure to announce its 2nd Annual Conference, which will be
held on 21 November 2012 in Frankfurt am Main (Germany).
EIOPA would be honored to share with the participants the crucial results
of the Authority's work in 2012 and the challenges that lay ahead of the
insurance and occupational pensions sectors in the years to come.
This year's programme will include key note speech by Dr Thomas Steffen
(State Secretary, Federal Ministry of Finance, Germany) and three
stimulating panel sessions will provide comprehensive overviews of the
following topics:
- Pensions – What shall we change so that nothing changes?
- Insurance Regulation - The Way Ahead
- Financial Stability – Are insurers actors or victims?
EIOPA is confident that its annual conferences represent a perfect
opportunity for the interactive dialogue between industry, consumers,
academics and supervisory authorities of the European Community. Invited
speakers and representatives will provide participants with a wealth of
expertise and in-depth analysis. We look forward to inspiring discussions
and networking in the dynamic setting of the 15th EURO FINANCE WEEK.
Please find the conference programme on our website (Link:
https://eiopa.europa.eu/conferences-events/eiopa-conference/eiopa-conference-2012/index.html
).
In the meantime, should you have any questions, please do not hesitate to
contact us on EIOPAConference{at}eiopa.europa.eu (Link:
EIOPAConference@eiopa.europa.eu ).
Yours sincerely,
Kerstin Maier
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
---
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 has the pleasure to announce its 2nd Annual Conference, which will be
held on 21 November 2012 in Frankfurt am Main (Germany).
EIOPA would be honored to share with the participants the crucial results
of the Authority's work in 2012 and the challenges that lay ahead of the
insurance and occupational pensions sectors in the years to come.
This year's programme will include key note speech by Dr Thomas Steffen
(State Secretary, Federal Ministry of Finance, Germany) and three
stimulating panel sessions will provide comprehensive overviews of the
following topics:
- Pensions – What shall we change so that nothing changes?
- Insurance Regulation - The Way Ahead
- Financial Stability – Are insurers actors or victims?
EIOPA is confident that its annual conferences represent a perfect
opportunity for the interactive dialogue between industry, consumers,
academics and supervisory authorities of the European Community. Invited
speakers and representatives will provide participants with a wealth of
expertise and in-depth analysis. We look forward to inspiring discussions
and networking in the dynamic setting of the 15th EURO FINANCE WEEK.
Please find the conference programme on our website (Link:
https://eiopa.europa.eu/conferences-events/eiopa-conference/eiopa-conference-2012/index.html
).
In the meantime, should you have any questions, please do not hesitate to
contact us on EIOPAConference{at}eiopa.europa.eu (Link:
EIOPAConference@eiopa.europa.eu ).
Yours sincerely,
Kerstin Maier
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
---
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.
vrijdag 13 juli 2012
EIOPA publishes the outcome of the Public Consultation on the ORSA
The European Insurance and Occupational Pensions Authority (EIOPA)
published today its Final Report on draft Guidelines for Own Risk and
Solvency Assessment (ORSA).
The report underlines the purposes of the ORSA and provides additional
details on how the ORSA is to be interpreted. Undertakings are expected to
have the necessary competence and expertise to find fit-for-purpose
solutions for the practical implementation of the ORSA.
EIOPA points out that one key feature of the ORSA is proportionality.
Insurers should develop their own ORSA processes that are tailored to fit
into their organisational structure and risk management system with
appropriate and adequate techniques to assess the company's overall
solvency needs.
The undertaking's administrative, management and supervisory body (AMSB)
needs to play an active role in the ORSA, particularly by steering on how
the assessment is to be performed and by challenging its results.
Undertakings should express the overall solvency needs in quantitative and
qualitative terms and complement the quantification by a qualitative
description of the risks. Insurers will be required to submit to the NSAs
a forward-looking assessment of their overall solvency needs indicating
multi-year tendencies and developments.
Gabriel Bernardino, Chairman of EIOPA, said: "With this report EIOPA
highlights its expectations in relation to the implementation of the ORSA
by insurance undertakings. The ORSA should allow insurers to have a
complete and holistic risk understanding and should connect business
strategy and capital planning. The ORSA is a top-down process owned by the
undertaking's Board. In this sense it should be an essential tool to
help boards in their core responsibility not to take on more risks than
the capital base allows for. The financial system needs a cultural change
and I believe that the ORSA will become a key element of such a change in
the insurance sector".
EIOPA strongly encourages the industry to use the current report in their
early implementation of the ORSA.
The text of EIOPA Final Report on Public Consultation No. 11/008 on the
proposal for Guidelines on Own Risk and Solvency Assessment can be viewed
online. (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011-closed-consultations/november-2011/solvency-ii-consultation-paper-on-the-proposal-for-guidelines-on-own-risk-and-solvency-assessment/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
---
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.
published today its Final Report on draft Guidelines for Own Risk and
Solvency Assessment (ORSA).
The report underlines the purposes of the ORSA and provides additional
details on how the ORSA is to be interpreted. Undertakings are expected to
have the necessary competence and expertise to find fit-for-purpose
solutions for the practical implementation of the ORSA.
EIOPA points out that one key feature of the ORSA is proportionality.
Insurers should develop their own ORSA processes that are tailored to fit
into their organisational structure and risk management system with
appropriate and adequate techniques to assess the company's overall
solvency needs.
The undertaking's administrative, management and supervisory body (AMSB)
needs to play an active role in the ORSA, particularly by steering on how
the assessment is to be performed and by challenging its results.
Undertakings should express the overall solvency needs in quantitative and
qualitative terms and complement the quantification by a qualitative
description of the risks. Insurers will be required to submit to the NSAs
a forward-looking assessment of their overall solvency needs indicating
multi-year tendencies and developments.
Gabriel Bernardino, Chairman of EIOPA, said: "With this report EIOPA
highlights its expectations in relation to the implementation of the ORSA
by insurance undertakings. The ORSA should allow insurers to have a
complete and holistic risk understanding and should connect business
strategy and capital planning. The ORSA is a top-down process owned by the
undertaking's Board. In this sense it should be an essential tool to
help boards in their core responsibility not to take on more risks than
the capital base allows for. The financial system needs a cultural change
and I believe that the ORSA will become a key element of such a change in
the insurance sector".
EIOPA strongly encourages the industry to use the current report in their
early implementation of the ORSA.
The text of EIOPA Final Report on Public Consultation No. 11/008 on the
proposal for Guidelines on Own Risk and Solvency Assessment can be viewed
online. (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011-closed-consultations/november-2011/solvency-ii-consultation-paper-on-the-proposal-for-guidelines-on-own-risk-and-solvency-assessment/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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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.
dinsdag 10 juli 2012
EIOPA PUBLISHES THE OUTCOME OF THE PUBLIC CONSULTATION ON SOLVENCY II REPORTING AND DISCLOSURE REQUIREMENTS FOR INSURERS
The European Insurance and Occupational Pensions Authority (EIOPA)
published today its final report on reporting and disclosure requirements
for insurance undertakings and insurance groups.
The report states the level of granularity of the information that
supervisory authorities will need to receive. It reflects a balanced
approach towards costs and benefits, and contributes to an efficient
risk-based Supervisory Review Process and, therefore, to a higher
protection of policyholders. The reporting requirements are also expected
to contribute to financial stability and to allow the assessment and
monitoring of market developments.
EIOPA underlines that the ongoing discussions related to the Omnibus II
Directive (OMD II) and the future Implementing Measures are expected to
lead to changes in the reporting requirements. The design or structure of
the templates may also be affected by the development of the respective
IT reporting standards.
But, despite possible changes, EIOPA strongly believes that the industry
should use this package already now in order to start the implementation
phase.
Gabriel Bernardino, Chairman of EIOPA, said: "The publication of this
report is crucial because insurance undertakings and supervisors need to
start as early as possible with the implementation of reporting and
disclosure requirements. The proposed reporting templates are the result
of a long effort by EIOPA and have benefited from contributions from the
different stakeholders. This set of harmonized reporting templates
represents a major step towards the consistency of supervisory practices
in the EU".
EIOPA expects that the full package on reporting and disclosure with all
the changes incorporated will be available later in 2012.
All the relevant documentation can be accessed on the EIOPA website
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011-closed-consultations/november-2011/draft-proposal-on-quantitative-reporting-templates-and-draft-proposal-for-guidelines-on-narrative-public-disclosure-supervisory-reporting-predefined-events-and-processes-for-reporting-disclosure/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
---
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.
published today its final report on reporting and disclosure requirements
for insurance undertakings and insurance groups.
The report states the level of granularity of the information that
supervisory authorities will need to receive. It reflects a balanced
approach towards costs and benefits, and contributes to an efficient
risk-based Supervisory Review Process and, therefore, to a higher
protection of policyholders. The reporting requirements are also expected
to contribute to financial stability and to allow the assessment and
monitoring of market developments.
EIOPA underlines that the ongoing discussions related to the Omnibus II
Directive (OMD II) and the future Implementing Measures are expected to
lead to changes in the reporting requirements. The design or structure of
the templates may also be affected by the development of the respective
IT reporting standards.
But, despite possible changes, EIOPA strongly believes that the industry
should use this package already now in order to start the implementation
phase.
Gabriel Bernardino, Chairman of EIOPA, said: "The publication of this
report is crucial because insurance undertakings and supervisors need to
start as early as possible with the implementation of reporting and
disclosure requirements. The proposed reporting templates are the result
of a long effort by EIOPA and have benefited from contributions from the
different stakeholders. This set of harmonized reporting templates
represents a major step towards the consistency of supervisory practices
in the EU".
EIOPA expects that the full package on reporting and disclosure with all
the changes incorporated will be available later in 2012.
All the relevant documentation can be accessed on the EIOPA website
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011-closed-consultations/november-2011/draft-proposal-on-quantitative-reporting-templates-and-draft-proposal-for-guidelines-on-narrative-public-disclosure-supervisory-reporting-predefined-events-and-processes-for-reporting-disclosure/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
---
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.
woensdag 27 juni 2012
EIOPA publisghes Guidelines on Complaints-Handling by Insurers
The European Insurance and Occupational Pensions Authority (EIOPA)
published today its first set of Guidelines with a view to establishing
consistent, efficient and effective supervisory practices and ensuring
common, uniform and consistent application of EU law.
The Guidelines in question cover complaints-handling by insurance companies
and seek to address two current areas of concern:
Information asymmetry - insurers may not handle complaints in the best
interests of policyholders, or policyholders may not know the standards to
which insurers should adhere and may not be aware of the possibility to
submit a complaint;
An existing regulatory gap – a current lack of EU rules on
complaints-handling by insurance companies, leading to a diverse number of
national approaches and a potentially unlevel playing field. These
Guidelines seek to promote a more convergent approach.
The Guidelines, which are high-level principles and are addressed to
competent supervisory authorities only, aim to provide guidance on
appropriate internal systems and control for complaints-handling by
insurers (such as having a complaints management policy and complaints
management function in place) and render them more effective, and provide
guidance on the provision of information and procedures for responding to
complaints, thereby ensuring the adequate protection of policyholders and
beneficiaries.
Since the Guidelines are high-level principles, they have been supplemented
by a more detailed Best Practices Report, which seeks to promote common
supervisory approaches and practices regarding internal systems and
controls and internal follow-up of complaints. EIOPA appreciates the
importance of proportionality in applying these Guidelines to
different-sized insurance undertakings and aims to consider this as part
of a follow-up initiative.
Gabriel Bernardino, Chairman of EIOPA, said: "With these Guidelines, EIOPA
aims to take an important step towards promoting more transparency,
simplicity and fairness in the market for consumer financial products and
services and thereby enhance consumer protection, one of our key
objectives. The Guidelines fill an important regulatory gap and we expect
competent supervisory authorities to make every effort to comply with
them. We will be monitoring compliance with these Guidelines closely in
the months ahead"
Click here to access Guidelines on Complaints-Handling by Insurance
Undertakings (Link:
https://eiopa.europa.eu/publications/eiopa-guidelines/index.html )
Click here to access Report on Best Practices by Insurance Undertakings in
handling complaints (Link:
https://eiopa.europa.eu/publications/reports/index.html )
Click here to see Summary of the main issues from Consultation on
Complaints-Handling and Impact Assessment on Guidelines on
complaints-handling by insurance undertakings (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011-closed-consultations/november-2011/guidelines-on-complaints-handling-by-insurance-undertakings/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
---
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.
published today its first set of Guidelines with a view to establishing
consistent, efficient and effective supervisory practices and ensuring
common, uniform and consistent application of EU law.
The Guidelines in question cover complaints-handling by insurance companies
and seek to address two current areas of concern:
Information asymmetry - insurers may not handle complaints in the best
interests of policyholders, or policyholders may not know the standards to
which insurers should adhere and may not be aware of the possibility to
submit a complaint;
An existing regulatory gap – a current lack of EU rules on
complaints-handling by insurance companies, leading to a diverse number of
national approaches and a potentially unlevel playing field. These
Guidelines seek to promote a more convergent approach.
The Guidelines, which are high-level principles and are addressed to
competent supervisory authorities only, aim to provide guidance on
appropriate internal systems and control for complaints-handling by
insurers (such as having a complaints management policy and complaints
management function in place) and render them more effective, and provide
guidance on the provision of information and procedures for responding to
complaints, thereby ensuring the adequate protection of policyholders and
beneficiaries.
Since the Guidelines are high-level principles, they have been supplemented
by a more detailed Best Practices Report, which seeks to promote common
supervisory approaches and practices regarding internal systems and
controls and internal follow-up of complaints. EIOPA appreciates the
importance of proportionality in applying these Guidelines to
different-sized insurance undertakings and aims to consider this as part
of a follow-up initiative.
Gabriel Bernardino, Chairman of EIOPA, said: "With these Guidelines, EIOPA
aims to take an important step towards promoting more transparency,
simplicity and fairness in the market for consumer financial products and
services and thereby enhance consumer protection, one of our key
objectives. The Guidelines fill an important regulatory gap and we expect
competent supervisory authorities to make every effort to comply with
them. We will be monitoring compliance with these Guidelines closely in
the months ahead"
Click here to access Guidelines on Complaints-Handling by Insurance
Undertakings (Link:
https://eiopa.europa.eu/publications/eiopa-guidelines/index.html )
Click here to access Report on Best Practices by Insurance Undertakings in
handling complaints (Link:
https://eiopa.europa.eu/publications/reports/index.html )
Click here to see Summary of the main issues from Consultation on
Complaints-Handling and Impact Assessment on Guidelines on
complaints-handling by insurance undertakings (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011-closed-consultations/november-2011/guidelines-on-complaints-handling-by-insurance-undertakings/index.html
)
This newsletter was sent to you by:
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Phone: +49 69 951119-20
Fax: +49 69 951119-19
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vrijdag 15 juni 2012
EIOPA launches public consultation on the draft technical specifications for the QIS of its Final Advice on the IORP Dir
The European Insurance and Occupational Pensions Authority (EIOPA) invites
all the interested parties to provide their feedback on the technical
specifications for the quantitative impact study (QIS) of EIOPA's Final
Advice to the European Commission. The Advice is related to the review of
the Directive on the activities and supervision of institutions for
occupational retirement provision (IORP Directive).
In its advice, which was submitted to the European Commission on 15
February 2012, EIOPA proposes the holistic balance sheet as a means to
achieve the Commission's objective of a harmonised prudential regime for
IORPs.
The advice recognises the importance of performing a QIS and remains
conditional on the results of the QIS. It was emphasised that the
feasibility of implementing the holistic balance sheet in practice and
introducing a common level of security needs to be further investigated.
The QIS will only assess the financial impact on IORPs of valuing assets
and liabilities on the holistic balance sheet and introducing a solvency
capital requirement (SCR) under the various policy options in EIOPA's
advice. However, the results will feed into the European Commission's
impact assessment of all costs and benefits accompanying its legislative
proposal.
The aim of the technical specifications is to provide guidance to IORPs
participating in the QIS to perform the necessary calculations. Particular
attention has been paid to the valuation and risk-mitigating effect on the
SCR of the adjustment and security mechanisms IORPs dispose of, i.e.
conditional and discretionary benefits, "last resort" reductions of
benefits, sponsor support and pension protection schemes.
The consultation paper is a first step towards the actual QIS exercise.
Following the public consultation EIOPA will send a revised version to the
European Commission for its consideration. The QIS exercise is expected to
take place from the beginning of October until mid-December 2012.
The consultation will end on Tuesday, 31 July 2012 at 18.00 hrs CET.
Comments should be submitted via email to CP-12-003@eiopa.europa.eu
(Link: CP-12-003@eiopa.europa.eu ). Please note that comments
submitted after the deadline or not submitted on the provided templates
cannot be processed.
The relevant documentation and the templates can be accessed on the EIOPA
website (Link:
https://eiopa.europa.eu/consultations/consultation-papers/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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password on the login page of the EIOPA Restricted Area.
all the interested parties to provide their feedback on the technical
specifications for the quantitative impact study (QIS) of EIOPA's Final
Advice to the European Commission. The Advice is related to the review of
the Directive on the activities and supervision of institutions for
occupational retirement provision (IORP Directive).
In its advice, which was submitted to the European Commission on 15
February 2012, EIOPA proposes the holistic balance sheet as a means to
achieve the Commission's objective of a harmonised prudential regime for
IORPs.
The advice recognises the importance of performing a QIS and remains
conditional on the results of the QIS. It was emphasised that the
feasibility of implementing the holistic balance sheet in practice and
introducing a common level of security needs to be further investigated.
The QIS will only assess the financial impact on IORPs of valuing assets
and liabilities on the holistic balance sheet and introducing a solvency
capital requirement (SCR) under the various policy options in EIOPA's
advice. However, the results will feed into the European Commission's
impact assessment of all costs and benefits accompanying its legislative
proposal.
The aim of the technical specifications is to provide guidance to IORPs
participating in the QIS to perform the necessary calculations. Particular
attention has been paid to the valuation and risk-mitigating effect on the
SCR of the adjustment and security mechanisms IORPs dispose of, i.e.
conditional and discretionary benefits, "last resort" reductions of
benefits, sponsor support and pension protection schemes.
The consultation paper is a first step towards the actual QIS exercise.
Following the public consultation EIOPA will send a revised version to the
European Commission for its consideration. The QIS exercise is expected to
take place from the beginning of October until mid-December 2012.
The consultation will end on Tuesday, 31 July 2012 at 18.00 hrs CET.
Comments should be submitted via email to CP-12-003@eiopa.europa.eu
(Link: CP-12-003@eiopa.europa.eu ). Please note that comments
submitted after the deadline or not submitted on the provided templates
cannot be processed.
The relevant documentation and the templates can be accessed on the EIOPA
website (Link:
https://eiopa.europa.eu/consultations/consultation-papers/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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password on the login page of the EIOPA Restricted Area.
maandag 14 mei 2012
The Joint Committee of ESAs launches a public consultation on the FICOD review
The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and
ESMA) is launching today a three'month public consultation on the proposed
response to the call for technical advice from the European Commission on
the fundamental review of the Financial Conglomerates Directive ("the
FICOD").
This consultation covers three broad areas where advice is sought by the
European Commission: the scope of application, the group wide internal
governance requirements and sanctions and supervisory empowerments under
the FICOD.
In its proposed response, the Joint Committee issues a series of
recommendations for the review of the FICOD, including the widening of the
scope of supervision, addressing requirements and responsibilities to a
designated entity within the financial conglomerate and the framework of
supervisory powers provided by the FICOD.
Moreover, the Joint Committee will be providing later this year, a
supervisory contribution to the wider fundamental review of the FICOD,
which is being carried out by the European Commission.
Consultation process
The consultation paper is available on the websites of the three ESAs: EBA,
EIOPA and ESMA.
Please send your comments by 13 August 2012 cob to the EBA, EIOPA and ESMA,
using the template provided, by email to joint-committee@eba.europa.eu
(Link: joint-committee@eba.europa.eu ),
jointcommittee@eiopa.europa.eu (Link:
jointcommittee@eiopa.europa.eu ) and joint.committee@esma.europa.eu
(Link: joint.committee@esma.europa.eu ) by indicating the
reference "JC/CP/2012/01" on the subject field.
All contributions received will be published following the close of the
consultation, unless otherwise requested.
This newsletter was sent to you by:
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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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your user profile:
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If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.
ESMA) is launching today a three'month public consultation on the proposed
response to the call for technical advice from the European Commission on
the fundamental review of the Financial Conglomerates Directive ("the
FICOD").
This consultation covers three broad areas where advice is sought by the
European Commission: the scope of application, the group wide internal
governance requirements and sanctions and supervisory empowerments under
the FICOD.
In its proposed response, the Joint Committee issues a series of
recommendations for the review of the FICOD, including the widening of the
scope of supervision, addressing requirements and responsibilities to a
designated entity within the financial conglomerate and the framework of
supervisory powers provided by the FICOD.
Moreover, the Joint Committee will be providing later this year, a
supervisory contribution to the wider fundamental review of the FICOD,
which is being carried out by the European Commission.
Consultation process
The consultation paper is available on the websites of the three ESAs: EBA,
EIOPA and ESMA.
Please send your comments by 13 August 2012 cob to the EBA, EIOPA and ESMA,
using the template provided, by email to joint-committee@eba.europa.eu
(Link: joint-committee@eba.europa.eu ),
jointcommittee@eiopa.europa.eu (Link:
jointcommittee@eiopa.europa.eu ) and joint.committee@esma.europa.eu
(Link: joint.committee@esma.europa.eu ) by indicating the
reference "JC/CP/2012/01" on the subject field.
All contributions received will be published following the close of the
consultation, unless otherwise requested.
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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password on the login page of the EIOPA Restricted Area.
DNB Nieuwsservice - 14 mei 2012 - Nieuwsbericht Solvency II
| DNB Nieuwsservice | 14 mei 2012 | ||
| Geachte heer Ivan Kooiman, | |||
| De Nederlandsche Bank heeft vandaag het volgende bericht op haar website gepubliceerd: | |||
 | |||
| Open Boek Toezicht – Solvency II (14 mei 2012) | |||
| Deze editie van het Solvency II nieuwsbericht gaat in de ORSA rondetafelsessies, de start van de Parallel Run en de uitkomsten van de consultatie van de nationale staten. | |||
 lees meer | |||
| | |||
| Met vriendelijke groet, | |||
| De Nederlandsche Bank | |||
| Afmelden, Gegevens wijzigen, Privacyverklaring | |||
| Deze mail is automatisch aangemaakt. |  |
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dinsdag 6 maart 2012
European Supervisory Authorities publish today a joint Discussion Paper (JC/DP/2012/01) on Draft Regulatory Technical St
EBA, EIOPA and ESMA invite market participants and all interested
stakeholders to provide their feedback on planned regulatory technical
standards covering risk mitigation techniques for OTC derivatives not
cleared by central counterparties.
stakeholders to provide their feedback on planned regulatory technical
standards covering risk mitigation techniques for OTC derivatives not
cleared by central counterparties.
The EMIR Regulation ("the Regulation") on OTC Derivatives, CCPs and
trade repositories EMIR) introduces provisions to improve transparency and
reduce the risks associated with the OTC derivatives market and
establishes common rules for central counterparties (CCPs) and for trade
repositories (TRs). The Regulation acknowledges that not all OTC
derivatives would meet the necessary requirements to be centrally cleared.
For this reason, it introduces provisions on risk mitigation techniques
for OTC derivatives not cleared by a CCP.
In this respect, the Regulation delegates powers to the European Commission
to adopt regulatory technical standards (RTS) on the level of capital and
collateral counterparties to derivatives transactions need to maintain,
type of collateral and segregation arrangements as well as on the
procedures to apply an intragroup exemption.
EBA, EIOPA and ESMA (the ESAs) are required to jointly develop draft
regulatory technical standards on these matters. This discussion paper
analyses possible options that the ESAs are currently considering for the
development of these draft technical standards.
In addition, following this discussion paper and on the basis of the
relevant input received, the ESAs will prepare draft technical standards
to be included in the consultation paper which will most likely be
published around summer 2012.
ESMA already published a discussion paper on 16 February on the draft RTS
and ITS which it is required to develop. The discussion paper is available
on ESMA website: http://www.esma.europa.eu/system/files/2012-95.pdf
(Link: http://www.esma.europa.eu/system/files/2012-95.pdf )
EBA is also publishing together with this joint discussion paper a
discussion paper on draft regulatory technical standards on capital
requirements for CCPs.
To facilitate an efficient processing of the information, it was agreed
between the three ESAs that ESMA will be centrally collecting the answers.
The consultation will end on Sunday 2 April, at 18.00 HRS CET.
All contributions should be submitted online at www.esma.europa.eu
(Link: http://esma.europa.eu ) under the heading
'Consultations'.
The Joint Discussion Paper can be accessed on the EIOPA website
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/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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password on the login page of the EIOPA Restricted Area.
woensdag 15 februari 2012
EIOPA publishes final advice to the European Commission on the review of the IORP Directive 2003/41/EC
The European Insurance and Occupational Pensions Authority (EIOPA)
published today its final response to the European Commission's Call for
Advice (CfA) on the review of the IORP Directive2003/41/EC.
published today its final response to the European Commission's Call for
Advice (CfA) on the review of the IORP Directive2003/41/EC.
A key proposal of EIOPA is the "holistic balance sheet", as a way to
achieve the Commission's aim for harmonisation. It will enable IORPs to
take into account the various adjustment mechanisms (conditional
indexation, reduction of accrued rights) and security mechanisms
(regulatory own funds, sponsor support, pension protection funds) in an
explicit way. In other words, the approach proposed by EIOPA is to
acknowledge the existing diversity of occupational pension systems in the
EU Member States, while capturing all these systems into a single balance
sheet.
In its advice EIOPA underlines the importance of a quantitative impact
study (QIS) because it is crucial to further explore the possible impact
on the financial requirements for pension funds that the holistic balance
sheet and the various policy options within that approach might have.
EIOPA is currently preparing for a QIS exercise and aims to publish
results in the second half of 2012.
Besides the quantitative requirements, EIOPA's advice also contains
proposals to enhance qualitative requirements in such areas as governance
and risk-management. These have been modelled on Solvency II with the
necessary adjustments for IORPs. EIOPA advice calls for the strengthening
of fit and proper criteria and for a proportionate, i.e. adjusted for the
nature, size and complexity of IORPs, implementation of robust internal
and external controls and sound risk management frameworks.
In addition, the document addresses information provision and member
protection, particularly in defined contribution (DC) schemes. According
to EIOPA advice, information needs to be relevant, correct, understandable
and not misleading. EIOPA calls for the introduction of a Key Information
Document for all defined contribution schemes which would allow members to
have confidence in the scheme irrespective of where it is located in the
EU.
Gabriel Bernardino, Chairman of EIOPA, said: "I am pleased that we have
been able to make marked progress in the area of European regulation of DC
schemes. At the moment, 60 million people rely on DC schemes and I have no
doubt that this number will continue to grow in the coming decades.
However, this is not the end of the process of developing a European
framework for occupational pensions, but merely the beginning", he
added. "In particular, we have to ascertain ourselves via the QIS that
the proposed approach stimulates affordable yet secure occupational
pension provision in Europe".
Click here (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011-closed-consultations/october-2011/response-to-call-for-advice-on-the-review-of-iorp-directive-200341ec-second-consultation/index.html
) to view EIOPA's Advice to the European Commission on the review of the
IORP Directive 2003/41/EC
To access EIOPA's Resolutions on comments received click here
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/2011-closed-consultations/october-2011/response-to-call-for-advice-on-the-review-of-iorp-directive-200341ec-second-consultation/index.html
).
To access Opinion of the EIOPA Occupational Pensions Stakeholder Group
regarding EIOPA Draft Advice to European Commission on the review of
Directive 2003/41/EC click here (Link:
https://eiopa.europa.eu/about-eiopa/organisation/stakeholder-groups/sg-opinion-feedback/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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password on the login page of the EIOPA Restricted Area.
maandag 13 februari 2012
EIOPA publishes its Action Plan 2012 for Colleges of Supervisors
The European Insurance and Occupational Pensions Authority (EIOPA)
published today its Action Plan 2012 for Colleges of Supervisors. The two
key targets of the Action Plan 2012 are preparation for the implementation
of Solvency II and exchange of information within colleges.
published today its Action Plan 2012 for Colleges of Supervisors. The two
key targets of the Action Plan 2012 are preparation for the implementation
of Solvency II and exchange of information within colleges.
The document foresees that colleges of supervisors will establish a work
plan related to the activities of the college for an insurance group's
internal model application. The colleges will also summarize the tasks
that should be performed in relation to group supervision under Solvency
II.
The Action Plan 2012 envisages that supervisors start implementing
EIOPA's guidelines on a regular exchange of quantitative and qualitative
information within colleges. They are also expected to set up a
coordination arrangement for their supervisory activities.
According to the document, colleges of supervisors should set up an
emergency plan of information exchange and crisis management in case of
financial turbulence that a group or a solo undertaking might face.
To access the Action Plan 2012 for Colleges of Supervisors click here
(Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/CollegesActionPlan2012.pdf
).
EIOPA also made publicly available the Report on the functioning of
colleges in 2011. The document inter alia states that despite the lack of
the final legal basis for the implementation of Solvency II, colleges are
making great efforts to prepare for the new regulatory regime.
Click here (Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/2012-02-02_Report_on_functioning_2011.pdf
) to see the text of the Report.
The above-mentioned documents as well as the updated list of participants
in the colleges can be viewed in a newly created section "Colleges of
Supervisors (Link:
https://eiopa.europa.eu/activities/insurance/colleges-of-supervisors/index.html
)" on EIOPA's website.
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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password on the login page of the EIOPA Restricted Area.
maandag 6 februari 2012
EIOPA publishes initial Overview of Consumer Trends in the European insurance and occupational pensions sectors
The European Insurance and Occupational Pensions Authority (EIOPA) has
published today an initial Overview of Consumer Trends across the EU in
the insurance and occupational pensions sectors (Link:
https://eiopa.europa.eu/publications/reports/index.html ).
published today an initial Overview of Consumer Trends across the EU in
the insurance and occupational pensions sectors (Link:
https://eiopa.europa.eu/publications/reports/index.html ).
Collecting, analysing and reporting on European consumer trends is one of
the key tools EIOPA is using to promote transparency, simplicity and
fairness for consumers. This overview provides a summary, from a European
perspective, of key consumer trends.
During the course of its analysis, EIOPA identified three key trends:
(i) Consumer protection issues relating to Payment Protection Insurance
(or PPI);
(ii) An increased focus on Unit-Linked Life insurance products; and
(iii) An increased use of Comparison Websites by consumers.
The key aspects of these trends are explained, together with an outline of
the supervisory issues arising from those trends.
EIOPA's Chairman, Gabriel Bernardino commented: "Taking a "leading
role" in the area of consumer protection is vital for EIOPA. By
reporting on key consumer trends from a European perspective, we want to
improve transparency for all stakeholders whether consumers, industry or
supervisors. This initial Overview marks just the beginning of our
on-going monitoring. Where appropriate, we will take action in order to
promote safety and soundness of markets and convergence of regulatory and
supervisory practices."
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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password on the login page of the EIOPA Restricted Area.
vrijdag 3 februari 2012
EIOPA publishes its call for expression of interest regarding one membership position in the EIOPA Insurance and Reinsur
EIOPA publishes its call for expression of interest regarding one
membership position in the EIOPA Insurance and Reinsurance Stakeholder
Group. The call is addressed to the academic community.
membership position in the EIOPA Insurance and Reinsurance Stakeholder
Group. The call is addressed to the academic community.
One of the main tasks of the Insurance and Reinsurance Stakeholder Group is
to advise EIOPA on the issues related to the tasks and objectives that are
assigned to EIOPA by the EU law. Members of the Insurance and Reinsurance
Stakeholder Group are bound by confidentiality requirements in relation to
all non-public information they are provided with while performing their
tasks.
The Insurance and Reinsurance Stakeholder Group meets at least 4 times a
year at EIOPA's premises in Frankfurt am Main, Germany.
Deadline for application is 30.03.2012.
For more information on the activities of the Insurance and Reinsurance
Stakeholder Group, the eligibility criteria of candidates and the
application procedure click here (Link:
https://eiopa.europa.eu/about-eiopa/organisation/stakeholder-groups/call-for-candidates/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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