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.


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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
).


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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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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:

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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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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



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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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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
)


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

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https://eiopa.europa.eu

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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

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