The European Insurance and Occupational Pensions Authority (EIOPA) launched
today a public consultation on Guidelines related to the preparation for
Solvency II. The purpose of the Guidelines is to support both National
Competent Authorities (NCA's) and undertakings in their preparation for
the Solvency II requirements.
The Guidelines cover the areas that EIOPA considers fundamental to ensure
effective preparation for 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 National Competent Authorities (NCA's);
pre-application of internal models.
It is up to NCAs to determine how to comply with EIOPA's Guidelines by
incorporating them into their regulatory or supervisory framework in an
appropriate manner.
NCAs are expected to ensure that insurance companies and groups take active
steps towards implementing the relevant aspects of the regulatory
framework addressed in these Guidelines, so that when Solvency II is
applicable, its requirements can be fully complied with. However, EIOPA
makes it clear that the Guidelines should be applied in a proportionate
way and in particular with regard to the burden on small and medium size
undertakings.
The public consultation will end on 19 June 2013. EIOPA intends to
subsequently publish the final Guidelines in the autumn of this year. This
should allow NCAs to put in place certain important aspects of the
preparation for Solvency II starting on 1 January 2014.
Click here to access all the relevant documentation (Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html )
This newsletter was sent to you by:
EIOPA
WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19
info@eiopa.europa.eu
https://eiopa.europa.eu
---
Don't want to receive this newsletter anymore?
Please login to the Restricted Area of the EIOPA website and change
your user profile:
https://eiopa.europa.eu/restricted-area/index.html
If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.
woensdag 27 maart 2013
dinsdag 19 maart 2013
Technical note on EIOPA produced by the IMF under its Assessment of Financial Stability in the EU
The International Monetary Funds' Assessment of Financial Stability in
the European Union can be accessed from EIOPA website (Link:
https://eiopa.europa.eu/publications/other-documents/index.html ). The
study is a result of the IMF first-ever overall assessment of the
soundness and stability of the EU financial sector which also contains a
technical note on EIOPA (Link:
https://eiopa.europa.eu/publications/other-documents/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.
the European Union can be accessed from EIOPA website (Link:
https://eiopa.europa.eu/publications/other-documents/index.html ). The
study is a result of the IMF first-ever overall assessment of the
soundness and stability of the EU financial sector which also contains a
technical note on EIOPA (Link:
https://eiopa.europa.eu/publications/other-documents/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.
vrijdag 15 maart 2013
EIOPA and the World Bank sign agreement to develop global insurance sector
The European Insurance and Occupational Pensions Authority (EIOPA) and the
World Bank have signed an operational Memorandum of Understanding (MoU) to
cooperate on developing the insurance sector.
This Memorandum will enable both organizations to collaborate on promoting
a risk-based regulatory and supervisory framework in insurance, as well as
the identification of systemic risk and the promotion of consumer
protection. The agreement also covers cooperation on activities, such as
seminars, providing speakers for events as well as the exchange of
knowledge, technical papers and best practices.
The MoU does not foresee the exchange of confidential information. Both
EIOPA and the World Bank are to treat confidential information according
to their internal requirements and rules on Professional Secrecy and
Confidentiality.
Click here to view the text of the operational MoU (Link:
https://eiopa.europa.eu/publications/protocols/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.
World Bank have signed an operational Memorandum of Understanding (MoU) to
cooperate on developing the insurance sector.
This Memorandum will enable both organizations to collaborate on promoting
a risk-based regulatory and supervisory framework in insurance, as well as
the identification of systemic risk and the promotion of consumer
protection. The agreement also covers cooperation on activities, such as
seminars, providing speakers for events as well as the exchange of
knowledge, technical papers and best practices.
The MoU does not foresee the exchange of confidential information. Both
EIOPA and the World Bank are to treat confidential information according
to their internal requirements and rules on Professional Secrecy and
Confidentiality.
Click here to view the text of the operational MoU (Link:
https://eiopa.europa.eu/publications/protocols/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.
maandag 4 maart 2013
EIOPA Opinion on Supervisory Response to a Prolonged Low Interest Rate Environment
The European Insurance and Occupational Pensions Authority (EIOPA) has
published today an Opinion on Supervisory Response to a Prolonged Low
Interest Rate Environment.
Persistent low interest rates affect insurers in different ways. On the
liabilities side, they lead to an increase in firms' obligations in
today's terms and, consequently, to a deterioration of their financial
position. On the assets side, low interest rates have an adverse impact on
investment results and increase the reinvestment risk of assets. This
problem is even more pronounced where guaranteed rates of returns have
been offered to policyholders. In the case of short term insurance
business, lower returns reduce the financial margin available to offset
adverse combined ratios. Furthermore, low interest rates may encourage
other business model changes such as alterations in asset allocations in a
"search for yield", which may create new risks on the asset side of
the balance sheet.
The impact of the current period of low interest rates has been felt in
several European jurisdictions, where National Supervisory Authorities
(NSAs) and companies have already taken a range of different measures to
deal with the issue.
EIOPA recommends a coordinated supervisory response to the prolonged low
interest rate environment. NSAs should actively assess the potential scope
and scale of the risks arising in this environment, paying special
attention to those insurers identified as facing greater exposure. NSAs
are invited to report progress in these areas to EIOPA as well as to
notify any supervisory action planed or about to be taken.
NSAs should also engage with insurers to explore private sector measures to
address the impact of persistent low interest rates. In this context,
insurers should carefully consider the impact their solutions may have on
consumers. Consumers should be treated in a fair and equitable manner.
EIOPA in turn will coordinate an exercise to quantify the scale and scope
of the risk arising from a prolonged low interest rate environment. A
separate Appendix to the Opinion presents the list of concrete tasks to be
jointly undertaken by the NSAs and EIOPA.
The text of the Opinion can be viewed on EIOPA website (Link:
https://eiopa.europa.eu/publications/eiopa-opinions/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 an Opinion on Supervisory Response to a Prolonged Low
Interest Rate Environment.
Persistent low interest rates affect insurers in different ways. On the
liabilities side, they lead to an increase in firms' obligations in
today's terms and, consequently, to a deterioration of their financial
position. On the assets side, low interest rates have an adverse impact on
investment results and increase the reinvestment risk of assets. This
problem is even more pronounced where guaranteed rates of returns have
been offered to policyholders. In the case of short term insurance
business, lower returns reduce the financial margin available to offset
adverse combined ratios. Furthermore, low interest rates may encourage
other business model changes such as alterations in asset allocations in a
"search for yield", which may create new risks on the asset side of
the balance sheet.
The impact of the current period of low interest rates has been felt in
several European jurisdictions, where National Supervisory Authorities
(NSAs) and companies have already taken a range of different measures to
deal with the issue.
EIOPA recommends a coordinated supervisory response to the prolonged low
interest rate environment. NSAs should actively assess the potential scope
and scale of the risks arising in this environment, paying special
attention to those insurers identified as facing greater exposure. NSAs
are invited to report progress in these areas to EIOPA as well as to
notify any supervisory action planed or about to be taken.
NSAs should also engage with insurers to explore private sector measures to
address the impact of persistent low interest rates. In this context,
insurers should carefully consider the impact their solutions may have on
consumers. Consumers should be treated in a fair and equitable manner.
EIOPA in turn will coordinate an exercise to quantify the scale and scope
of the risk arising from a prolonged low interest rate environment. A
separate Appendix to the Opinion presents the list of concrete tasks to be
jointly undertaken by the NSAs and EIOPA.
The text of the Opinion can be viewed on EIOPA website (Link:
https://eiopa.europa.eu/publications/eiopa-opinions/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.
Abonneren op:
Posts (Atom)