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:
EIOPA
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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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:
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.
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
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.
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
---
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 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
---
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.
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
---
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
---
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 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
---
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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