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
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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.
woensdag 27 juni 2012
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
---
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.
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
---
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.
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