EIOPA proposes changes to capital requirements for debt securitisation

The European Insurance and Occupational Pensions Authority (EIOPA)
published today the Technical Report on Standard Formula Design and
Calibration for Certain Long-Term Investments.

The Report was prepared upon the request of the European Commission. In
view of the current economic situation, its purpose was to examine whether
the capital requirements for certain long-term investments under Solvency
II can be reduced without jeopardising the prudential nature of the
regime.

The key proposal of EIOPA is to introduce a more granular treatment of
securitisations. Instead of the currently proposed uniform 7% spread risk
charge for AAA-rated securitisations, EIOPA recommends to decrease the
charges for less risky issues to 4.30% while increasing them for riskier
ones to 12.50%.

For identifying less risky securitisations EIOPA has developed a set of
criteria related to the structure of securitisation, the quality of the
underlying assets, the underwriting processes and the transparency for
investors.

The Report alsoconfirms the currently proposed risk charges for a number of
investments including private equity, loans to small and medium sized
enterprises and socially responsible investments.

The study was conducted with the input from a range of experts from
industry, regulatory bodies and the academic world. In the course of the
research EIOPA was confronted with a challenge that is typical for the
assets analysed - the lack of comprehensive, reliable and publicly
available performance data (especially for infrastructure investments).
The Authority intends to work on closing these data gaps in cooperation
with the relevant parties.

Click here to access the Report: "Discussion paper on Standard Formula
Design and Calibration for Certain Long-Term Investments
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/2013-closed-consultations/april-2013/discussion-paper-on-standard-formula-design-and-calibration-for-certain-long-term-investments/index.html
)"


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EIOPA publishes its final draft implementing technical standards on reporting of national provisions of prudential natu

The European Insurance and Occupational Pensions Authority (EIOPA)
published today its final draft implementing technical standards (ITS) on
reporting of national provisions of prudential nature in the field of
occupational pension schemes.

The ITS promotes transparency and comparability of national provisions and
helps to promote cross-border activity of IORPs.

For the first time all information of prudential nature from a wide range
of sources across the EU will be centralised in one place and made
available to European citizens, particular adding value to professionals
working on cross-border schemes.

The Final Report which includes the text of the ITS itself can be viewed on
the EIOPA website:
https://eiopa.europa.eu/fileadmin/tx_dam/files/consultations/consultationpapers/CP05-12/Final_report_on_draft_ITS_on_reporting_of_national_provisions_of_prudential_nature_CP-12-005.pdf
(Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/consultations/consultationpapers/CP05-12/Final_report_on_draft_ITS_on_reporting_of_national_provisions_of_prudential_nature_CP-12-005.pdf
)



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EIOPA updates on financial stability in (re)insurance and occupational pensions sector

The European Insurance and Occupational Pensions Authority (EIOPA)
publishes its Financial Stability Report December 2013 (Link:
https://eiopa.europa.eu/publications/financial-stability/eiopa-second-half-year-financial-stability-report-2013/index.html
) with the updates on financial stability in the (re)insurance and
occupational pension sectors in the European Economic Area (EEA).
EIOPA observes that economic conditions in European countries are still
fragile and that both insurance and occupational pension sectors continue
to face three main prominent risks – a prolonged low yield environment,
a weak macroeconomic climate and a possible contagion risk arising from
exposure to sovereigns and financial institutions.
In the insurance sector, the weak macroeconomic climate and low yield
environment has resulted in sales' constraints and is prompting firms to
seek growth opportunities by establishing new business in regions such as
Latin America or South-Eastern Asia.
Moreover, as a reaction to the low yield environment, undertakings are
retreating from guaranteed life products and focusing on unit-linked
products and products with more flexible guarantee structures. This
expected change in the mix of business needs to be closely monitored to
ensure a proper balance between stability of firms and policyholders'
interests.
Overall, Solvency I capital levels for life and non-life insurers are
dropping, but remain well above the 100% minimum requirement.
The global reinsurance sector continued its robust growth. Major loss
events from natural catastrophes in the first half of 2013 seem to be
relatively low compared to previous years. Profitability for the
reinsurance sector has been sustained, but remains under pressure due to
the low yield environment. Issuance of Insurance-Linked Securities (ILS)
reached its highest level since 2007, with large capital inflows across
the sector. As a result global reinsurer capital increased to an all-time
high. The availability of so much reinsurance capacity creates a strong
competitive environment. Developments in ILS also need close monitoring by
supervisors as the extensive usage of ILS tends to cloud the picture in
terms of understanding the risk transfer.
In the occupational pension sector, defined benefit schemes still dominate,
but the sustained shift towards defined contribution schemes in many
countries continues. Investment allocation of pension funds has been
fairly stable over time. However, the low interest rate environment makes
it more difficult for defined benefit schemes to meet the guaranteed
return.
EIOPA's econometric modelling demonstrates a strong link between the
macroeconomic environment and insurance business. Furthermore, EIOPA's
quantitative analysis clearly shows that premium growth in life insurance
would be hit strongly under any adverse macroeconomic scenario.



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Good supervisory practices for knowledge and ability of distributors of insurance products

The European Insurance and Occupational Pensions Authority (EIOPA) has
published today a Report (Link:
https://eiopa.europa.eu/publications/reports/index.html )on good
supervisory practices regarding knowledge & ability of distributors of
insurance products.

The Report sets out good supervisory practices in the form of high-level
principles that competent authorities should apply to all distributors of
insurance products. These are supplemented by indicative examples of what
a competent authority could require a distributor to demonstrate in terms
of knowledge and ability, thus allowing for flexibility to adopt a
proportionate approach at national level. For example, the Report
promotes:
• Appropriate knowledge (e.g. about legal aspects, consumer protection
requirements, tax regimes, markets and products) and ability (e.g. about
risk perception, underwriting process, claims procedures) for
distributors.
• Demonstration of ethical and professional conduct at all times, for
instance to consider the best interest of the consumer in circumstances
connected to the contract.
• Effective communication to the consumer regarding terms and conditions
of the contract, complaints-handling, risks and rewards of a strategy or
product, by using clear and comprehensible language.
• Provision of suitable and/or personalised recommendations and
adaptation of these to the evolving consumer situation and need.

EIOPA considers it good supervisory practice for a competent authority to
ensure there is appropriate oversight of continuous professional
development.






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EIOPA issues Consumer Trends Report

Lack of, or even misleading disclosure of information, poor advice given to
consumers, and consumers focussing more on the price than the protection
provided by the product. These are high level trends identified by
EIOPA's Consumer Trends Report. The Report also indicates some
practices by insurers or intermediaries such as unilateral changes in the
terms in policies.


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EIOPA has issued Guidelines on complaints-handling by insurance intermediaries

The European Insurance and Occupational Pensions Authority (EIOPA) has
issued today Guidelines on complaints-handling by insurance
intermediaries. The Guidelines set down guidance on appropriate internal
systems and control for complaints-handling, the provision of information
and procedures for responding to complaints. The Guidelines, which lay
down high-level principles for National Competent Authorities (NCAs), are
supplemented by a Report on best supervisory practices.


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Opinion on insurance policies paid out where due

EIOPA considered that many member states do not have in place proper
arrangements to make sure that life insurance policies are paid out to the
beneficiaries where due. EIOPA recommends that National supervisory
Authorities should facilitate with the establishment of national
arrangements for life insurance policies that will ensure that
beneficiaries' benefits do not remain unclaimed.


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Results of EIOPA Survey on Crisis Prevention, Management and Resolution Preparedness of National Supervisors

The European Insurance and Occupational Pensions Authority (EIOPA)
published today results of its Survey on Crisis Prevention, Management and
Resolution Preparedness of national supervisory authorities (NSAs) with
regard to the insurance sector.

The exercise was conducted in line with the Regulation establishing EIOPA,
which requires the Authority to build a common Union supervisory culture,
as well as to actively participate in the development and coordination of
recovery and resolution plans, procedures in emergency situations and
preventive measures to minimise the systemic impact of any failure.

The survey covered the whole crisis management flow, i.e. crisis
prevention, alert, assessment, management and resolution. It also included
several questions on external communications to the public; cooperation on
cross-sectorial issues with other national authorities as well as the
impact of the financial crisis on the NSAs approach.

The objective of this exercise is to obtain a better understanding of the
approaches and practices in the different NSAs. As a next step, EIOPA will
extract a set of key characteristics, which will help national supervisors
to assess their relative situation. This will contribute to further
development of supervisory culture and consistent supervisory practices in
Europe.

The results of the survey can be viewed on EIOPA's website
(Link: https://eiopa.europa.eu/publications/reports/index.html
).


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Statement by Gabriel Bernardino, Chairman of EIOPA, regarding the Trilogue agreement on the Omnibus II Directive

The European Insurance and Occupational Pensions Authority (EIOPA) welcomes
the trilogue agreement on the Omnibus II Directive. Omnibus II and the
clarity over the Solvency II implementation timeline have been long
awaited and will certainly contribute to the strengthening of insurance
supervision in Europe.

This agreement is of extreme importance for EIOPA as a European
institution, because it allows the Authority to fully perform its tasks
related to the promotion of supervisory convergence and consistent
supervisory practices.


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European Supervisory Authorities consult on the removal of mechanistic reliance on credit ratings

The Joint Committee of the European Supervisory Authorities (EBA, ESMA and
EIOPA - ESAs) is launching today a one-month public consultation on the
removal of mechanistic references to credit ratings in their guidelines
and on the definition of sole and mechanistic reliance on such ratings.

The term "sole and mechanistic reliance on credit ratings" is mentioned
in Article 5b(1) of the European Regulation on Credit Rating Agencies
(Regulation (EU) No 462/2013). However, neither its formal definition nor
explanations of its meaning are included in the document.

In order to have a common approach towards this issue, the ESAs have
developed a definition of "sole and mechanistic reliance", and are
consulting with market participants on whether this definition is clear
and can be used in practice. The consultation paper contains:
a proposed definition for "sole or mechanistic reliance", including
examples;the provisions in the three ESAs' guidelines that are not to be
defined as mechanistic; andthose provisions that are to be considered as
mechanistic and therefore should be amended.


The ESAs intend to refer to this definition in all their future guidelines,
recommendations and draft technical standards where relevant.

The current public consultation also contributes to the initiative of the
Financial Stability Board to reduce the reliance on ratings.

The consultation paper is available on the websites of the three ESAs: EBA,
ESMA and EIOPA:
https://eiopa.europa.eu/consultations/consultation-papers/index.html
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html )
The consultation will end on 5 December 2013 cob.


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EIOPA establishes a Q&A tool on its Guidelines

The European Insurance and Occupational Pensions Authority (EIOPA) issued
Guidelines on preparing for Solvency II (Link:
https://eiopa.europa.eu/publications/eiopa-guidelines/index.html ) in all
the official languages of the European Union.

In order to ensure consistent and effective application of its Guidelines
across the Single Market, EIOPA establishes a Question and Answer (Q&A)
tool.

The Q&A tool can be used by all parties, including financial institutions,
supervisors and other stakeholders for submitting questions on Guidelines
that have been published by EIOPA.

Answers should normally be provided within 6 weeks, but may take longer, in
which case EIOPA will contact the requesters to inform of this. Questions
can be asked and will be answered in all the official languages of the EU.
Click here to access the Q&A tool (Link:
https://eiopa.europa.eu/publications/eiopa-guidelines-new/qa-on-guidelines/index.html
).


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EIOPA’s Stakeholder Groups elect Chair and Vice-Chair

EIOPA's Stakeholder Groups elected their Chairs and Vice-Chairs.

Insurance and Reinsurance Stakeholder Group (IRSG):
Chair – Kay Blair, the United Kingdom

Ms Blair represents consumer interests. She served as a vice-chair of the
UK Financial Services Consumer Panel in 2006-2013. Currently she chairs
the Scottish Housing Regulator and works as a board member of two Health
Boards. Ms Blair also served as a Vice-Chair of EIOPA's first IRSG.

When asked about her motivation for applying to become an IRSG member, Ms
Blair said: "I believe strongly in effective regulation and supervision
that deliver good consumer outcomes".

Vice-Chair – Olav Jones, the United Kingdom

Mr Jones represents industry. He has 17 years of work experience in the
insurance sector dealing with strategy, value based-, capital- and risk
management. He currently works as deputy director general of Insurance
Europe (the European Insurance and Reinsurance Federation) responsible for
prudential regulatory issues, accounting, investment as well as
international affairs and reinsurance.

This role at Insurance Europe provides him with a good understanding of the
issues and concerns of the national insurance industries across Europe
relating to regulatory developments, and among his reasons to apply to the
IRSG, was the wish to provide a valuable contribution as a stakeholder
representing (re)insurance undertakings and intermediaries.


Occupational Pensions Stakeholder Group (OPSG):
Chair - Benne van Popta, the Netherlands

Mr van Popta represents IOPRs. He chairs two large pension funds in the
Netherlands (PMT and Detailhandel) and serves on several important posts
such as president of the National Association of Industry-wide Pension
Funds, vice-chair of PensionsEurope and board member at the Federation of
the Dutch Pension Funds.

Speaking about his motivation to work in the OPSG, Mr van Popta said: "I
have been involved in pension reform debates at a national, European, and
international level, dealing with issues of solvency, governance,
disclosure, macro-economic, regulatory, and personal pensions. I am
confident my knowledge and experience will contribute greatly to the work
of the OPSG, and by extent, of the EIOPA".

Vice-Chair - Matti Leppälä, Finland
Mr Leppälä represents IOPRs interests. He worked for the Finnish Pension
Alliance for almost 11 years and currently serves as Secretary General/CEO
of PensionsEurope.

"Occupational and other supplementary pensions are increasingly necessary
for adequate and sustainable pensions. EIOPA plays an important part in
this development", explains Mr Leppälä his motivation for applying to
the OPSG.


The Stakeholder Groups members are appointed by EIOPA Board of Supervisors
following the selection process and serve for a period of 2.5 years.

More information about the appointment of new EIOPA's Stakeholder Groups
is available here:
https://eiopa.europa.eu/fileadmin/tx_dam/files/pressreleases/2013-10-04_Stakeholder_Groups_Selection_01.pdf
(Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/pressreleases/2013-10-04_Stakeholder_Groups_Selection_01.pdf
)


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EIOPA CONFERENCE 2013 (20 November 2013, Frankfurt/Main) LAST CHANCE TO REGISTER!

The European Insurance and Occupational Pensions Authority (EIOPA) would
like to remind you about the opportunity to register for its annual
conference!


When:20 November 2013
9:45 – 18:30 hWhere:Congress Center Messe FrankfurtPanel
sessions:"Strategic Vision – Risks and opportunities for the future of
Life Insurance and Pensions"
"Pensions – Towards an EU framework"
"Solvency II – On your mark, get set, go"Key note speeches:Dr. Thomas
Steffen; State Secretary, Federal Ministry of Finance, Berlin
Michel Barnier; Commissioner in charge of the Internal market and Services,
European Commission
You can view the full programme here (Link:
https://eiopa.europa.eu/conferences-events/2013/eiopa-conference-2013/programme/index.html
). For further information please visit the conference website
(Link:
https://eiopa.europa.eu/conferences-events/2013/eiopa-conference-2013/index.html
).

We look forward to meeting you in Frankfurt.

Yours sincerely,
Florian Ouillades
on behalf of Gabriel Bernardino (Chairman EIOPA)


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DNB Nieuwsservice - 21 oktober 2013 - Nieuwsbericht Solvency II

	DNB Nieuwsservice		21 oktober 2013
	Geachte heer Ivan Kooiman,
	De Nederlandsche Bank heeft vandaag het volgende bericht op haar website gepubliceerd:
	Open Boek Toezicht – Solvency II (21 oktober 2013)
	Deze editie van het verzekeraars nieuwsbericht gaat in op de inschrijving voor de Verzekeringsmiddag.
	lees meer
	Met vriendelijke groet,
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The sender cannot be held liable for damage in connection with risks inherent in electronic message transfer. The sender has taken standard precautions to verify no computer viruses are present in this email or any attachments it may contain. However, the presence of malware, such as viruses, cannot be ruled out.

EIOPA publishes its Work Programme 2014

In 2014 the European Insurance and Occupational Pensions Authority (EIOPA)
will put stronger emphasis to the field of occupational pensions. It
expects to implement its first technical standard on reporting of
information of a prudential nature by national supervisors.

With an IORP legislative focus in the pipeline, extensive advisory work
will be performed. EIOPA will progress work on the creation of a
Europe-wide approach to personal pensions, with a clear focus on the
consumer protection perspective. During 2014 EIOPA will finalise technical
standards and guidelines for all the areas covered by Solvency II.
National Supervisory Authorities can expect expert knowledge and practical
resources on Internal Models, one of the cornerstones of the Solvency II
framework.

EIOPA will also focus on enhancing its oversight role as a European
supervisory authority. The task for Colleges, platforms to discuss and
solve issues of cross-border insurance and re-insurance groups, will be to
reach a shared view on a final assessment of the risk exposure of the
group and its major solo entities.


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EIOPA publishes Action Plan 2014/15 for Colleges and a list of cross-border insurance groups for which a College is in p

The European Insurance and Occupational Pensions Authority (EIOPA) today
published the Action Plan 2014/15 for Colleges of supervisors
(Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/EIOPA-13-424_AP__Colleges__2014_15_for_publication.pdf
) and the list of cross-border insurance and re-insurance groups for which
a College is in place (Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/Colleges/EIOPA-COL-14_008_List-groups-with-colleges_August_2013.pdf
).

The focus of the Action Plan is the further development of consistent
risk-based supervision according to Solvency II requirements. One of the
goals is to reach a shared view on the assessment of the risk exposure of
the group and its major solo entities. Colleges will also discuss and
review the progress and consistency of the application of the Solvency II
preparatory guidelines at group and solo level.

All in all the number of insurance groups increased from 90 in 2012 to 92
in 2013. The list aims at increased transparency and ensuring that non-EEA
supervisors are aware of the existence of a College for a particular
group. This is the second year that EIOPA has published this list.


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EIOPA appoints new Stakeholder Groups

The Board of Supervisors of the European Insurance and Occupational
Pensions Authority (EIOPA), following an open selection process, has
appointed the members of its Insurance & Reinsurance (IRSG) and
Occupational Pensions Stakeholder Groups (OPSG).

Stakeholder Groups are an important part of EIOPA's governance as they
help to analyse and assess the impact of EIOPA's activities from
different angles and perspectives. They ensure a close dialogue of EIOPA
not only with consumers, employees' representatives, users of
(re)insurance services (for IRSG), beneficiaries of pension schemes (for
OPSG) and academics, but also with industry, SMEs and relevant
professional associations.

The efforts of EIOPA to raise awareness across the EU about the selection
process resulted in 20 EU Member States being represented in both groups.
Out of 30 members, besides the delegates from industry and professional
associations, the IRSG will now contain 6 consumers', and 3 users' and
employees' representatives. The OPSG will comprise 5 beneficiaries'
and 5 employees' representatives. 5 members of each Stakeholder Group
are independent academics. In view of the applications received, the new
composition also guarantees a good gender balance: 33% of female members
in both IRSG and OPSG.

10 (IRSG) and 14 (OPSG) members have been involved in the previous
Stakeholder Groups, which helps to ensure business continuity, to maintain
a core know-how and, at the same time, to guarantee new thinking within
the groups.

Gabriel Bernardino, Chairman of EIOPA, said: "I would like to extend a
warm welcome to the newly appointed members and to thank the former
members for their devotion and very valuable contributions. During those
two and a half years, they did a really great job!

We are confident that, under the new composition, the Stakeholder Groups
have the right professional expertise to provide feedback on all EIOPA's
activities. The diversity of interests represented within the Stakeholder
Groups is crucial for the practical implementation of EIOPA's mandate -
to ensure financial stability and consumer protection in the EU".

The first meetings of the Stakeholder Groups in the new composition will
take place on 22 October 2013 (IRSG) and 24 October 2013 (OPSG), followed
by a joint meeting with EIOPA's Board of Supervisors on 26 November
2013. The lists of EIOPA Stakeholder Groups members can be viewed on EIOPA
website:

https://eiopa.europa.eu/about-eiopa/organisation/stakeholder-groups/insurance-reinsurance-stakeholder-group/members/index.html
(Link:
https://eiopa.europa.eu/about-eiopa/organisation/stakeholder-groups/insurance-reinsurance-stakeholder-group/members/index.html
)
https://eiopa.europa.eu/about-eiopa/organisation/stakeholder-groups/occupational-pensions-stakeholder-group/members/index.html
(Link:
https://eiopa.europa.eu/about-eiopa/organisation/stakeholder-groups/occupational-pensions-stakeholder-group/members/index.html
)


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EIOPA publishes the final Guidelines for the preparation of Solvency II

The European Insurance and Occupational Pensions Authority (EIOPA)
published today the final Guidelines for the preparation of Solvency II.
The Guidelines were finalized following the public consultation earlier
this year, during which EIOPA received over 4000 comments.

With its Guidelines EIOPA intends to significantly increase preparedness of
both supervisors and insurers for Solvency II once the new framework is
applicable. The Guidelines aim to ensure that National Competent
Authorities (NCAs), insurance companies and groups take active steps
towards implementing certain key elements of Solvency II in a consistent
and convergent way. It is up to NCAs to decide how best to incorporate the
Guidelines into their national regulatory or supervisory framework. The
Guidelines foresee a gradual application through "phasing-in"
provisions (i.e. different expectations for 2014 and 2015).

EIOPA Guidelines cover a number of key areas of Solvency II: system of
governance, including risk management; forward looking assessment of the
undertaking's own risk (based on the Own Risk and Solvency Assessment
(ORSA) principles); submission of information to NCAs; pre-application for
internal models.

EIOPA envisages issuing the Guidelines in all the official EU languages on
31 October 2013 with the application date of 1 January 2014. The NCAs will
report to EIOPA about their compliance or intention to comply within 2
months after the Guidelines' issuance. The NCAs are required to submit a
progress report to EIOPA on the Guidelines' implementation in February
2015.

Gabriel Bernardino, Chairman of EIOPA, said: "I would like to thank all
the stakeholders for their valuable input during the public consultation.
Their comments and suggestions helped us to refine the content and achieve
a better balanced approach to the preparatory phase. Together we have
made a decisive step towards Solvency II!

The move towards a risk-based supervisory system like Solvency II presents
a number of important challenges to undertakings and supervisors. These
Guidelines are a key step in order to ensure that preparation will be done
in a consistent manner for the benefit of the internal market, industry
and consumers".

The consultation reports for the Guidelines together with the individual
feedback on each comment can be found on EIOPA website:
https://eiopa.europa.eu/consultations/consultation-papers/2013-closed-consultations/march-2013/guidelines-on-preparing-for-solvency-ii/index.html
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/2013-closed-consultations/march-2013/guidelines-on-preparing-for-solvency-ii/index.html
)


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EIOPA CONFERENCE 2013 (20 November 2013, Frankfurt/Main) - Register now!

The European Insurance and Occupational Pensions Authority (EIOPA) is
pleased to announce that registration to its annual conference is now
open!


When20 November 2013
9:45 – 18:30 hWhereCongress Center Messe FrankfurtPanel
sessions"Strategic Vision – Risks and opportunities for the future of
Life Insurance and Pensions"
"Pensions – Towards an EU framework"
"Solvency II – On your mark, get set, go"Key note speechesDr. Thomas
Steffen; State Secretary, Federal Ministry of Finance, Berlin
Michel Barnier; Commissioner in charge of the Internal market and Services,
European Commission

You can view the full programme here (Link:
https://eiopa.europa.eu/conferences-events/2013/eiopa-conference-2013/programme/index.html
). For further information please visit the conference website
(Link:
https://eiopa.europa.eu/conferences-events/2013/eiopa-conference-2013/index.html
).

Yours sincerely,
Florian Ouillades
on behalf of Gabriel Bernardino (Chairman EIOPA)


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Public event of the EU-U.S Dialogue Project to be held on 14 December 2013 in Washington

The Steering Committee of the EU-U.S. Dialogue Project will host a public
event on Saturday, 14 December 2013 ahead of the NAIC Fall National
Meeting in Washington, D.C. The event will be held at the Washington
Marriott Wardman Park Hotel from 9:00 a.m. – 12:00 p.m. Eastern Standard
Time.

The purpose of the public event is to launch the initiatives set out in the
EU-U.S. Dialogue Project: The Way Forward document on best practices/
experiences of cooperation and coordination in supervisory colleges. The
event will also provide an opportunity for attendees to learn about the
current activities and future work plan for the EU-U.S. Dialogue Project.
Representatives of the NAIC, FIO, the European Commission, and EIOPA will
lead the forum. Additional information will be posted as available.
Registration for the event will be conducted by the NAIC.

About the EU-U.S. Dialogue Project: The 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
U.S. 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.

Further information about the EU-U.S. Dialogue Project can be found at:

http://www.naic.org/committees_g.htm (Link:
http://www.naic.org/committees_g.htm )
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/EU_US_Dilaogue_Project_Factual_Report.pdf
(Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/EU_US_Dilaogue_Project_Factual_Report.pdf
)



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SAVE-THE-DATE: 20 November 2013 - EIOPA Conference

Dear Sir or Madam,

EIOPA has the pleasure to announce its 3rd Annual Conference, which will be
held on 20 November 2013 in Frankfurt am Main (Germany).

The EIOPA Conference 2013 will include keynote speeches by Commissioner
Michel Barnier and the German State Secretary Dr Thomas Steffen as well as
three panel discussions entitled as follows:


"Strategic Visions for life-insurance and pensions"
"Pensions - Towards an EU framework"
"Solvency II - On your mark, get set, go"

Invited speakers and representatives will provide participants once more
with a wealth of expertise and in-depth analysis. We are confident that
this year's conference represents a perfect opportunity for very
interesting and dynamic dialogues between the financial services industry,
experts from the EU institutions, consumer representatives, legal and
financial consultants, academics and national supervisory authorities of
the European Community.

The detailed programme and registration details will be circulated in due
course. In the meantime, should you have any questions, please do not
hesitate to contact us at EIOPAConference{at}eiopa.europa.eu
(Link: EIOPAConference@eiopa.europa.eu ).

We look forward to inspiring discussions and networking opportunities in
the dynamic setting of the 16th EURO FINANCE WEEK.

Yours sincerely,
Florian Ouillades
on behalf of Gabriel Bernardino (Chairman EIOPA)


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EIOPA publishes Report on Market Developments in cross-border IORPs

The European Insurance and Occupational Pensions Authority (EIOPA) has
published today its 2013 Report on Market Developments in cross-border
IORPs.

The report provides a general overview of the developments in cross-border
arrangements of institutions for occupational retirement provision (IORPs)
for the period June 2012-June 2013.

The results of the report show that during the reporting period 2 new
cross-border IORPs have been reported and 4 cross-border IORPs were
withdrawn. Therefore, in total, there was a slight decrease in the number
of IORPs operating cross-border to 82 from 84 in 2012.

The number of home states (the countries in which the IORP has its
registered office and/or its main administration) did not change comparing
to 2012 and remains 9.

The number of host states (the countries whose social and labour law is
relevant to the field of occupational pension) has decreased by 3 to 19.
In general across the European Economic Area 11 countries are not in the
list of host states.

The current publication is the 7th report in a series on market
developments in cross-border IORPs, which were produced first by CEIOPS
and later on by EIOPA.

The text of this report can be viewed on the EIOPA website:
https://eiopa.europa.eu/publications/reports/index.html (Link:
https://eiopa.europa.eu/publications/reports/index.html )


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EIOPA publishes results of Peer Reviews on Internal Models

The European Insurance and Occupational Pensions Authority (EIOPA)
published today the final report on the results of its two peer reviews on
internal models.
The purpose of the peer reviews was to assess the practices of supervisors
and colleges related to the review of internal models during the
pre-application process. Both peer reviews cover supervisory practices in
24 Member States.
Differences of supervisory practices in the pre-application process of
internal models were identified in the following important areas:
interpretation of the requirements; the philosophies underpinning how to
review models, the use of proportionality as well as the organisation and
expectations of on-site visits.
The Report summarises best practices in the areas of communication,
reviews, planning, pre-application packages, training and colleges of
supervisors and outlines a number of recommendations addressed to NSAs and
EIOPA.
In a next step EIOPA will ensure a proper follow-up to the recommendations
as well as the best practices.
The Report can be viewed here (Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/EIOPA-RP-13-096a_Peer_Review_IntMod_Final_Report_web.pdf
)


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First EU study on the financial situation of pension funds

EIOPA published today the first EU study on the financial situation of
pension funds. The results show that the holistic balance sheet approach
benefits the protection of current and future generations. And the
outcomes reinforce the need to continue working towards a
market-consistent and risk-based regulatory regime in Europe.

The study was undertaken at the request of the European Commission to
inform stakeholders on the quantitative impact of the different options
for the holistic balance sheet approach put forward in EIOPA's Advice on
the Review of the IORP Directive.

Click here (Link:
https://eiopa.europa.eu/press-room/press-releases/index.html ) to the
press release, the final report of the QIS and the Discussion Paper to
improve the technical specifications for the valuation of sponsor support.

Together with the QIS final report EIOPA has published a Discussion Paper
to improve the technical specifications for the valuation of sponsor
support. Stakeholders are invited to provide feedback to this discussion
paper by 31 October 2013.


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EIOPA issues Opinion on Consumer Protection Issues in Payment Protection Insurance

With this Opinion in the field of consumer protection, EIOPA recommends
national competent authorities (NCAs) to analyse their national Payment
Protection Insurance (PPI) markets based on the findings of this opinion.
PPI is an insurance product designed to provide coverage for the consumer
of a financial obligation generally in the form of a mortgage or a
consumer loan repayment, in case they are unable to fulfil a payment. The
consumer protection issues surrounding PPI have triggered action from
regulatory or supervisory bodies in a number of jurisdictions.

EIOPA acknowledges that PPI products, when properly designed and sold,
serve legitimate consumer needs. Yet, EIOPA also notes that, in a number
of jurisdictions, significant cases of misselling have occurred, to the
detriment of consumers and negatively affecting the reputation of the
insurance sector as a whole. The most frequently arising mis-selling
issues for PPI products are eligibility/suitability issues and providing
misleading information. In these cases, for example, consumers are either
unable to claim benefits, because their individual situation is not
covered by the policy, or they have not yet received the necessary
information to base their choice on. Moreover, market imperfections, such
as the fact that PPI is often sold together with the loan products
(cross-selling) or that consumers do not have comparable information, also
contribute to distorted consumer choice. NCAs are requested to analyse
whether PPI merits (further) investigation and any possible (further)
supervisory and/or regulatory action at national level, based on the
findings of the opinion. The opinion requests NCAs to provide feedback on
their previous activities and on any future actions in this area based on
this opinion within six months from today.
Based on the information received from NCAs EIOPA will decide if and what
kind of further action is needed at an EU level.

As EIOPA's Chairman Gabriel Bernardino explained: "We have observed in
certain countries the emergence in the PPI market of business models where
market power of certain distributors led to disproportionate levels of
commissions, often as high as 80% of premiums paid by consumers. This and
other practices have led to considerable consumer detriment and have been
subject to regulatory and supervisory action. With this Opinion EIOPA
intends to obtain a clear picture of the reality in all the EU countries
in order to better protect consumers and promote regulatory and
supervisory convergence."

The text of EIOPA Opinion on Payment Protection Insurance and the
Background Note can be viewed on EIOPA website:
https://eiopa.europa.eu/publications/eiopa-opinions/index.html
(Link:
https://eiopa.europa.eu/publications/eiopa-opinions/index.html )


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EIOPA elects new members of its Management Board

The Board of Supervisors of the European Insurance and Occupational
Pensions Authority (EIOPA) elected four members of EIOPA Management Board:

Peter Braumüller, Managing Director of the Financial Market Authority
(Austria) – re-elected;

Jan Parner, Deputy Director General of Finanstilsynet (Denmark) –
re-elected;

Felix Hufeld, Chief Executive Director of Insurance Supervision in the
Federal Financial Supervisory Authority, BaFin (Germany) – elected;

Sergej Simoniti, Director of Insurance Supervision Agency (Slovenia) –
elected.

The Management Board of EIOPA is composed of the Chairman of EIOPA and six
other members of the Board of Supervisors, elected by and from the voting
members of the Board of Supervisors.

The term of office of the Management Board members is 2,5 years with the
possibility to be extended once. Mandates of the members should be
overlapping in order to ensure appropriate rotation and business
continuity.

Gabriel Bernardino, Chairman of EIOPA, said: "It is my pleasure to
welcome the new Management Board members and to work together with them in
order to fulfil the challenging mission of EIOPA: to safeguard public
interest by contributing to the stability and effectiveness of the
financial system, and to protect the rights of policyholders, pension
scheme members and beneficiaries.

At the same time my deep gratitude goes to the terminating members -
Matthew Elderfield (Central Bank of Ireland) and Damian Jaworski (Polish
Financial Supervision Authority). We highly appreciate their very valuable
input in all the initiatives and projects of EIOPA and their truly
European spirit".


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Joint Committee of ESAs holds its first Consumer Protection Day

The Joint Committee of the European Supervisory Authorities (Joint
Committee) held its first Consumer Protection Day on 25 June 2013 in
Paris.

Consumer protection is a major objective for the European Supervisory
Authorities (ESAs – EBA, ESMA, EIOPA) and under the auspices of the
Joint Committee, they continue to place this high on their agenda for
2013.

The aim of the event was to provide a forum for exchange and discussion on
important and current cross-sectoral consumer issues.

The Joint Consumer Protection Day attracted around 250 consumer
representatives, academics, legal and financial consultants, national
supervisors, experts from the EU institutions and financial services
industry (banking, securities, insurance and pensions).

In his opening speech Gabriel Bernardino, Chairman of EIOPA and the current
Joint Committee Chair, called for regulatory consistency across the three
financial sectors and urged the application of sound conduct of business
practices by market participants. He also spoke about the emergence of a
new paradigm on transparency and fairness towards consumers. "In order
to regain trust and confidence by consumers, financial institutions need
to develop simpler and more understandable products, devote further
attention to the fairness of contractual conditions and definitely they
need to review the charges and commissions applied ensuring that they are
not disproportionate", he said.

During the panel discussion on PRIPs (proposal for a 'Regulation on key
information documents for investment products') participants discussed
the scope of the proposal together with considerations as to personalise
the so-called Key Information Document enabling comparison between covered
products (e.g. by including national information on tax implications). The
importance of behavioural finance in product disclosure was also addressed
and views were shared on which kind of information consumers generally
need in order to take informed decisions on whether to buy or not to buy a
product.

Different break-out sessions on consumer trends, sales incentives and
product intervention were held.

In this respect, the panellists discussing consumer trends, agreed that the
ESAs need enhanced data collection powers to ensure data of quality with a
view to continuously collect, analyse and report on consumer trends. The
usefulness of comparison websites and payment protection instruments, two
current trends in some of the financial sectors, was highlighted whilst
focus was given to the consumer detriment also surrounding these types of
distribution channels and instruments.

On the topic of sales incentives, it was felt that in order to avoid
mis-selling of financial products, several changes in sales culture are
urgently required.

On product intervention, participants debated whether these powers would
have the most value as a 'threat' in influencing firms to act in the
best interests of their clients, and that product intervention should be
seen in the round, as part of product design, product governance, and
product distribution in order to address consumer protection issues before
and up to point of sale, rather than playing catch-up after products hit
the market.

Summarising the panel discussions, Andrea Enria, Chairman of EBA, said:
"Today's conference has stimulated a lively and fruitful discussion.
The ESAs will continue to join forces to identify cross-cutting issues and
to address them jointly to the benefit of consumers across the EU".

Steven Maijoor, Chairman of ESMA, in his closing remarks, indicated:
"Whilst the financial crisis is mainly a stability crisis, and the
regulatory response has been focussed on stability issues, we must not
lose sight of our mandate, at European level, to promote the interests of
consumers and to ensure a high level of consumer protection. But
delivering on protecting consumers' needs buy-in from industry (and
consumers) too.

"It is not all about regulation, supervision and enforcement. Industry
should internalise clients' interests and business models need to focus
better on client needs".

Click here to view the full text of Gabriel Bernardino's speech at the
Consumer Protection Day:
https://eiopa.europa.eu/press-room/speeches-presentations-and-interviews/index.html
(Link:
https://eiopa.europa.eu/press-room/speeches-presentations-and-interviews/index.html
)


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EIOPA launches public consultation on two good practices reports in the area of consumer protection

The European Insurance and Occupational Pensions Authority (EIOPA) has
launched today a public consultation on two Good Practices Reports on
comparison websites and knowledge & ability of distributors of insurance
products.

The Report on comparison websites outlines good practices concerning online
comparisons of insurance products. The good practices address primarily
the activities of commercial comparison websites; however, also
non-commercial websites' operators are equally encouraged to check
whether their practices are in line with the good practices identified,
and to adapt them accordingly, if needed. The good practices concern the
following areas:

i) Information about the website;
ii) Market coverage;
iii) Presentation of information;
iv) Criteria used to make the ranking;
v) Frequency of updating the information; and
vi) Dealing with potential conflicts of interest.

Furthermore, the Report also identifies main features and different
business models of comparison websites. The objective of the Report is to
promote transparency, simplicity and fairness for Internet users in the
market for online comparisons of insurance products.

The Report on knowledge & ability sets out good supervisory practices in
the form of high-level principles that competent authorities would apply
to all distributors of insurance products. These are supplemented by
indicative examples of what a competent authority could require a
distributor to demonstrate in terms of knowledge and ability, thus
allowing for flexibility to adopt a proportionate approach at national
level. For example, the report promotes not only appropriate knowledge and
ability for distributors, but also the demonstration of ethical and
professional conduct at all times and suggests a minimum level of
continuous professional development (CPD). The objective of the Report is
to promote common supervisory approaches in an area where diverse national
approaches have arisen out of the implementation of IMD1.

The period for providing comments on the two Good Practices reports will
end on 23 September 2013.

The Consultation Papers can be viewed on EIOPA website:
https://eiopa.europa.eu/consultations/consultation-papers/index.html
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html )


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REMINDER - EIOPA’s Call for Expression of Interest regarding the setting up of its Stakeholder Groups lasts until 23 Jun

The European Insurance and Occupational Pensions Authorities (EIOPA) kindly
reminds that the applications deadline for EIOPA Stakeholder Groups, the
Insurance and Reinsurance Stakeholder Group (IRSG) and the Occupational
Pensions Stakeholder Group (OPSG), expires on 23 June 2013, 23:59 hrs CET.

The Stakeholder Groups are set up to help facilitate consultation with
stakeholders in areas relevant to the tasks of EIOPA.

Members of the IRSG, 30 in total, are individuals appointed to represent in
balanced proportions insurance and reinsurance undertakings and insurance
intermediaries operating in the Union, and their employees'
representatives, as well as consumers, users of insurance and reinsurance
services, representatives of SMEs and representatives of relevant
professional associations. At least five of its members shall be
independent top-ranking academics.

Members of the OPSG, 30 in total, are individuals appointed to represent in
balanced proportions institutions for occupational retirement provision
operating in the Union, representatives of employees, representatives of
beneficiaries, representatives of SMEs and representatives of relevant
professional associations. At least five of its members shall be
independent top-ranking academics.

The Calls for Expression of Interest and the application documents (in
English only) can be accessed from EIOPA website:
https://eiopa.europa.eu/about-eiopa/organisation/stakeholder-groups/stakeholder-groups-selection-process-2013/index.html.
(Link:
https://eiopa.europa.eu/about-eiopa/organisation/stakeholder-groups/stakeholder-groups-selection-process-2013/index.html.
)

Candidates are kindly asked to make sure that their applications are
complete and contain all the requested documentation.


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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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password on the login page of the EIOPA Restricted Area.

RESULTS OF EIOPA LONG-TERM GUARANTEES ASSESSMENT

The European Insurance and Occupational Pensions Authority (EIOPA) has
published today its Technical Findings on the Long-Term Guarantee
Assessment (LTGA). EIOPA conducted the assessment at the request of the
Trialogue parties (the European Parliament, the European Commission and
the Council of the EU) as input to the political discussions on
finalisation of the Omnibus II Directive. The LTGA tested the so-called
Long-Term Guarantee package - a set of potential measures aimed at
ensuring an appropriate supervisory treatment of long term guarantee
products, under volatile and exceptional market conditions.

EIOPA concluded that the final Long-Term Guarantee package to be included
in the Solvency II framework should fulfil a number of principles in order
to ensure a high degree of policyholder protection, as well as effective
supervisory process:
- Alignment with the Solvency II framework and the economic balance sheet
concept;
- Full consistency and comparability in order to enhance the single market;
- Efficient linking of all the three pillars (quantitative basis,
qualitative requirements and enhanced reporting and disclosure);
- Proportionality and simplicity;
- Adequate treatment of transitional issues.
On the basis of the assessment and the outlined principles, EIOPA supports
the inclusion of some of the measures tested: Extrapolation,
"Classical" Matching Adjustment, Transitional measures and Extension
of the Recovery Period, with slight amendments to provide the right
incentives for sound risk management.
EIOPA advises to exclude the so-called Extended Matching Adjustment on the
basis that it would not provide sufficient policyholder protection and
would be unduly difficult to supervise. In addition, the Counter-Cyclical
Premium was judged to be likely to have an adverse financial stability
impact due to the way it would be triggered, as well as the perverse
impacts on undertakings' solvency requirements that it generated.

As a consequence, EIOPA advises to replace the CCP with a simpler, more
predictable measure, the Volatility Balancer, which would deal with the
unintended consequences on undertakings' capital requirements of
short-term volatility.

EIOPA further recommends that the impact of the application of the measures
on the solvency position of individual undertakings be publicly disclosed
as part of the normal disclosure process.

EIOPA's Technical Findings on the Long-Term Guarantee Assessment and all
the relevant documentation can be accessed here:
https://eiopa.europa.eu/consultations/qis/insurance/long-term-guarantees-assessment/index.html
(Link:
https://eiopa.europa.eu/consultations/qis/insurance/long-term-guarantees-assessment/index.html
)


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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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password on the login page of the EIOPA Restricted Area.

EIOPA Annual Report 2012

The European Insurance and Occupational Pensions Authority (EIOPA)
published today its Annual Report 2012 as requested by EIOPA Founding
Regulation (Article 43.5).

2012 is the second year of EIOPA's work as a European Supervisory
Authority. In the course of this year, EIOPA continued its work in its
seven core areas: regulatory tasks; supervisory tasks; consumer protection
and financial innovation; creation of the common supervisory culture;
financial stability; crisis prevention, management and resolution;
external relations.

Detailed description of EIOPA activities as well as the provisional
Financial Statement and the summary of EIOPA Work Programme 2013 can be
found here: https://eiopa.europa.eu/publications/annual-reports/index.html
(Link:
https://eiopa.europa.eu/publications/annual-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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password on the login page of the EIOPA Restricted Area.

EIOPA PUBLISHES ITS 2013 HALF-YEAR FINANCIAL STABILITY REPORT

The European Insurance and Occupational Pensions Authority (EIOPA)
published today its first half-year report for 2013 on the financial
stability of the insurance and institutions for occupational retirement
provision (IORPs) sectors in the European Economic Area (EEA).

EIOPA observes that the insurance and occupational pensions sectors are
exposed to the risks of financial markets reversals, the impact of low
interest rates and the weak economic fundamentals and outlook that
characterise the risks to financial stability in the EU more generally.

In the life insurance sector, low GDP growth and high unemployment continue
to weigh negatively on premium growth, while non-life insurers report
positive premium growth rates mainly due to mandatory insurance purchases.

In line with EIOPA's call, insurers and supervisors have been responding
to the risk of a prolonged period of low interest rates. Some insurance
companies have started to shift away from fixed and/or life-long
guarantees toward less rigid guarantees in order to reduce reinvestment
risk. Others are making a strategic shift towards other non-guaranteed
product types. Supervisors continue to engage with firms and to perform
targeted exercises aimed at identifying vulnerabilities and appropriate
supervisory tools.

In the reinsurance market, underwriting capacity continues to outgrow
demand. Reinsurance undertakings showed a good operating performance
benefiting from a capital inflow to the sector with investors looking for
stable returns in volatile markets. Losses from natural catastrophes
remained significantly lower in 2012 than in 2011 and 2005, the worst
years ever for the reinsurance industry. So far in 2013, the costliest
events in Europe have been the series of earthquakes in Italy´s Emilia
Romagna region in May. In addition, a hard winter season affected some
European countries which experienced heavy snowfall, high winds, ice and
flooding. The wintry weather caused economic losses estimated about 1.4bn
euros. The more recent flooding in Europe will also generate significant
losses, but it is too early to have firm estimates on their scale.

In the occupational pensions sector, the shift from defined benefit schemes
towards defined contribution or hybrid schemes continued. This rebalancing
reflects a range of factors, including a response to changes in longevity,
regulatory changes and developments in the tax treatment of pension
schemes in some jurisdictions.

The text of EIOPA 1st half-year Financial Stability Report 2013 can be
found here (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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EIOPA publishes Discussion paper on a possible EU-single market for personal pension products

In July 2012 the European Commission requested the European Insurance and
Occupational Pensions Authority (EIOPA) to provide technical advice on the
prudential regulations and consumer protection measures needed to create a
single market for personal pensions.

In order to deliver this technical advice EIOPA, as a first step, has today
published its Discussion paper on a possible EU-single market for personal
pension products.

The goal of the Discussion paper is to engage stakeholders at an early
stage in the project by gathering their views on a wide range of issues
relating to personal pensions.

The Discussion Paper focuses on three key aspects of personal pensions:
A possible definition of a personal pension;Potential cross-border
frameworks (passporting and the so-called second (or 28th) regime which
would create a uniform European system as an alternative to the different
national regimes); andConsumer protection, including information
disclosure and selling practices.

To access EIOPA's Discussion paper click here (Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html ).

If you wish to respond to the questions posed in the Discussion paper,
please use this comments template (Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/consultations/consultationpapers/single_personal_pension_products/EIOPA_Template-for-Comments-on-DPTFPP.doc
).

The period for providing comments will end on 16 August 2013.

Once stakeholders' comments have been analysed, EIOPA will prepare a
report, containing issues and options which will be made available to the
European Commission in early 2014. The Commission is then expected to
issue a detailed Call for Advice to EIOPA, with a response deadline set
for 2015.


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

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EIOPA launches the Call for Expression of Interest regarding the setting up its Insurance and Reinsurance Stakeholder Gr

The European Insurance and Occupational Pensions Authorities (EIOPA)
launches the Call for Expression of Interest regarding the setting up of
EIOPA Stakeholder Groups, the Insurance and Reinsurance Stakeholder Group
(IRSG) and the Occupational Pensions Stakeholder Group (OPSG), following
the expiration of their mandates later this year.

The Stakeholder Groups are set up to help facilitate consultation with
stakeholders in areas relevant to the tasks of EIOPA.

Members of the IRSG, 30 in total, are individuals appointed to represent in
balanced proportions insurance and reinsurance undertakings and insurance
intermediaries operating in the Union, and their employees'
representatives, as well as consumers, users of insurance and reinsurance
services, representatives of SMEs and representatives of relevant
professional associations. At least five of its members shall be
independent top-ranking academics.

Members of the OPSG, 30 in total, are individuals appointed to represent in
balanced proportions institutions for occupational retirement provision
operating in the Union, representatives of employees, representatives of
beneficiaries, representatives of SMEs and representatives of relevant
professional associations. At least five of its members shall be
independent top-ranking academics.

The deadline for application is 23 June 2013, 23:59 hrs CET.

The Calls for Expression of Interest and the application documents (in
English only) can be accessed from EIOPA website:
https://eiopa.europa.eu/about-eiopa/organisation/stakeholder-groups/stakeholder-groups-selection-process-2013/index.html
(Link:
https://eiopa.europa.eu/about-eiopa/organisation/stakeholder-groups/stakeholder-groups-selection-process-2013/index.html
)

The selection and approval process of the Stakeholder Groups membership is
expected to begin in late June and to be completed with the appointment of
the Stakeholder Group members by the EIOPA Board of Supervisors in
September 2013. Thereafter, the decision will be communicated to all
candidates. Once the candidates have accepted their appointment, the
composition of both Stakeholder Groups will be made publicly available by
EIOPA.

The first meetings of the Stakeholder Groups in the new composition are
foreseen in October 2013: IRSG on 22 October and OPSG on 24 October
followed by a joint meeting with the EIOPA Board of Supervisors on 26
November 2013.


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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password on the login page of the EIOPA Restricted Area.