The European Insurance and Occupational Pensions Authority (EIOPA) has
published today its Survey of EU practice on default investment options.
The survey was conducted as a follow up to EIOPA advice to the European
Commission on the review of the IORP Directive, which stated that:
"EIOPA recognises the importance of multi-funds, default options and
life-styling as essential features that help risk control and sound
development of supplementary pensions when member bear the investment
risks. EIOPA encourages the identification and diffusion of best
practices in this regard".
An important driver for the work was the steady shift towards defined
contribution pension provision, where investment risks and the
responsibility for optimal asset allocation, previously managed by
professionals, were increasingly passed on to scheme members who usually
do not have the relevant professional knowledge.
The survey found that:
- Multiple investment options are quite common in both occupational and
personal pension schemes
- Default investment options are used only in about 50% of Member States -
The use of lifestyling options is very rare
- If used, these features are mostly provided by an IORP or a pension
provider voluntarily, with no specific requirement in legislation, as a
result of an agreement between the provider and its customer
- Supervisors tend to get involved only where multiple investment choices
or default options are a legal requirement, which means infrequently
- Although exact figures for the number of members that use default options
are not available, there is a strong indication that, where default
options are offered, the take up is very high.
EIOPA believes that well designed default options and any de-risking
solutions contained in them as well as supervisory involvement pitched at
the right level, are crucial determinants of the adequacy and protection
of members' retirement incomes in defined contribution schemes.
Therefore, EIOPA's work in this area will continue.
Click here to access the full text of the Survey (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 25 april 2013
woensdag 24 april 2013
EIOPA publishes a Database of pension plans and products in EEA
EIOPA has developed a Database which is a unique resource providing a
comprehensive snapshot of the European pensions' landscape and, thus,
helps to better understand pension systems in Europe.
The Database maps the variety of those non-public arrangements and
investment vehicles which have an explicit objective of retirement
provision (according to a national social and labour law or tax rules)
irrespective whether they are of occupational or personal type. Therefore,
both 1st pillar-bis pensions available in the Central and Eastern Europe
(CEE) and plans/products which are defined in the legislation but not yet
offered to the public (or have no members) are also included. The pension
plans managed by the State or public entities (1st pillar pensions) and
"pure" annuities (i.e. products not linked to an accumulation phase)
are excluded from the Database.
The Database has been prepared by EIOPA on a best effort basis, with
contributions from national competent authorities. Adjustments and
simplifications were applied both in defining characteristics of plans and
products and in providing the information by the authorities. Therefore,
the Database should not be interpreted as a fully complete, "official"
list of all pension plans and products offered in the European Economic
Area (EEA). Similarly, the definitions and classifications used have been
established for the purpose of the Database and are not binding in any
way. In addition, for some countries the information contained in the
Database may not be entirely explicative of the national context.
The Database is a living project and is aimed to be updated, checked for
completeness, consistency and methodological aspects on a regular basis.
The database files can be viewed on EIOPA website (Link:
https://eiopa.europa.eu/publications/database-of-pension-plans-and-products-in-the-eea/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.
comprehensive snapshot of the European pensions' landscape and, thus,
helps to better understand pension systems in Europe.
The Database maps the variety of those non-public arrangements and
investment vehicles which have an explicit objective of retirement
provision (according to a national social and labour law or tax rules)
irrespective whether they are of occupational or personal type. Therefore,
both 1st pillar-bis pensions available in the Central and Eastern Europe
(CEE) and plans/products which are defined in the legislation but not yet
offered to the public (or have no members) are also included. The pension
plans managed by the State or public entities (1st pillar pensions) and
"pure" annuities (i.e. products not linked to an accumulation phase)
are excluded from the Database.
The Database has been prepared by EIOPA on a best effort basis, with
contributions from national competent authorities. Adjustments and
simplifications were applied both in defining characteristics of plans and
products and in providing the information by the authorities. Therefore,
the Database should not be interpreted as a fully complete, "official"
list of all pension plans and products offered in the European Economic
Area (EEA). Similarly, the definitions and classifications used have been
established for the purpose of the Database and are not binding in any
way. In addition, for some countries the information contained in the
Database may not be entirely explicative of the national context.
The Database is a living project and is aimed to be updated, checked for
completeness, consistency and methodological aspects on a regular basis.
The database files can be viewed on EIOPA website (Link:
https://eiopa.europa.eu/publications/database-of-pension-plans-and-products-in-the-eea/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.
dinsdag 9 april 2013
Preliminary results of the QIS on IORPs
The European Insurance and Occupational Pensions Authority (EIOPA)
publishes the preliminary results of the quantitative impact study (QIS)
on Institutions for Occupational Retirement Provision (IORPs) conducted by
EIOPA in October – December 2012.
The purpose of this QIS is to assess the impact of the different options
included in EIOPA's advice on valuation and security mechanisms for the
financial requirements for IORPs. The QIS is part of the process to advise
the European Commission on the review of the IORP Directive.
It is envisaged that the final report on the QIS outcome together with
EIOPA conclusions will be published in mid-2013.
Click here to view the document (Link:
https://eiopa.europa.eu/consultations/qis/occupational-pensions/quantitative-impact-study/results-of-the-qis/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.
publishes the preliminary results of the quantitative impact study (QIS)
on Institutions for Occupational Retirement Provision (IORPs) conducted by
EIOPA in October – December 2012.
The purpose of this QIS is to assess the impact of the different options
included in EIOPA's advice on valuation and security mechanisms for the
financial requirements for IORPs. The QIS is part of the process to advise
the European Commission on the review of the IORP Directive.
It is envisaged that the final report on the QIS outcome together with
EIOPA conclusions will be published in mid-2013.
Click here to view the document (Link:
https://eiopa.europa.eu/consultations/qis/occupational-pensions/quantitative-impact-study/results-of-the-qis/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 8 april 2013
EIOPA publishes a Discussion Paper on Investments
The European Insurance and Occupational Pensions Authority (EIOPA) invites
market participants and (re)insurance stakeholders to provide their
feedback on its "Discussion Paper on Standard Formula Design and
Calibration for Certain Long-Term Investments".
The European Commission (EC) requested EIOPA to examine whether the
calibration and design of regulatory capital requirements for insurers'
long-term investments in certain asset classes under the envisaged
Solvency II regime necessitates any adjustment or reduction under the
current economic conditions without jeopardising the prudential nature of
the regime.
EIOPA has already carried out an in-depth analysis of some of the asset
classes explicitly listed in the EC letter. The Discussion Paper
summarises EIOPA's preliminary findings and contains specific questions
to stakeholders.
EIOPA invites all interested stakeholders to provide their feedback. This
offers them an opportunity to inform EIOPA's further technical work on
these issues, in particular in relation to data limitations. The insights
gathered in this way will help EIOPA to produce a well-informed
recommendation on the review of the design and calibration of the standard
formula in relation to the asset classes considered. EIOPA will also look
at the influence that the maturity of insurance liabilities has on
regulatory capital requirements for long-term investments. Last but not
least EIOPA will analyse non-regulatory obstacles for long-term
investments by insurers.
The further research by EIOPA on long-term investments should lead to a
final report early July. This enables EIOPA to take full account of the
results of the Long-Term Guarantee Impact Assessment scheduled for the end
of June. Combining the results of these two important work streams allows
a full examination whether the regulatory framework of Solvency II should
be amended to facilitate long-term investments.
The period for providing comments will end on Tuesday, 28 May 2013. Earlier
responses are very much appreciated.
All contributions have to be provided in the dedicated template
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html ) and
are to be sent to the email address LTI{at}eiopa.europa.eu
(Link: LTI@eiopa.europa.eu ) under the heading 'Discussion
Paper'.
Please note that comments submitted after the deadline or not submitted on
the provided template cannot be processed.
The Discussion Paper can be accessed from the EIOPA website
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html ).
This newsletter was sent to you by:
EIOPA
WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19
info@eiopa.europa.eu
https://eiopa.europa.eu
---
Don't want to receive this newsletter anymore?
Please login to the Restricted Area of the EIOPA website and change
your user profile:
https://eiopa.europa.eu/restricted-area/index.html
If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.
market participants and (re)insurance stakeholders to provide their
feedback on its "Discussion Paper on Standard Formula Design and
Calibration for Certain Long-Term Investments".
The European Commission (EC) requested EIOPA to examine whether the
calibration and design of regulatory capital requirements for insurers'
long-term investments in certain asset classes under the envisaged
Solvency II regime necessitates any adjustment or reduction under the
current economic conditions without jeopardising the prudential nature of
the regime.
EIOPA has already carried out an in-depth analysis of some of the asset
classes explicitly listed in the EC letter. The Discussion Paper
summarises EIOPA's preliminary findings and contains specific questions
to stakeholders.
EIOPA invites all interested stakeholders to provide their feedback. This
offers them an opportunity to inform EIOPA's further technical work on
these issues, in particular in relation to data limitations. The insights
gathered in this way will help EIOPA to produce a well-informed
recommendation on the review of the design and calibration of the standard
formula in relation to the asset classes considered. EIOPA will also look
at the influence that the maturity of insurance liabilities has on
regulatory capital requirements for long-term investments. Last but not
least EIOPA will analyse non-regulatory obstacles for long-term
investments by insurers.
The further research by EIOPA on long-term investments should lead to a
final report early July. This enables EIOPA to take full account of the
results of the Long-Term Guarantee Impact Assessment scheduled for the end
of June. Combining the results of these two important work streams allows
a full examination whether the regulatory framework of Solvency II should
be amended to facilitate long-term investments.
The period for providing comments will end on Tuesday, 28 May 2013. Earlier
responses are very much appreciated.
All contributions have to be provided in the dedicated template
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html ) and
are to be sent to the email address LTI{at}eiopa.europa.eu
(Link: LTI@eiopa.europa.eu ) under the heading 'Discussion
Paper'.
Please note that comments submitted after the deadline or not submitted on
the provided template cannot be processed.
The Discussion Paper can be accessed from the EIOPA website
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html ).
This newsletter was sent to you by:
EIOPA
WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19
info@eiopa.europa.eu
https://eiopa.europa.eu
---
Don't want to receive this newsletter anymore?
Please login to the Restricted Area of the EIOPA website and change
your user profile:
https://eiopa.europa.eu/restricted-area/index.html
If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.
vrijdag 5 april 2013
EIOPA launches public consultation on draft Guidelines on Complaints-Handling by Insurance Intermediaries
The European Insurance and Occupational Pensions Authority (EIOPA) has
launched today a public consultation on Guidelines regarding
complaints-handling by insurance intermediaries, such as insurance
brokers. They follow up previous EIOPA Guidelines on complaints-handling
by insurers and thereby aim to ensure a "complete circle of
protection" for consumers.
The Guidelines cover similar issues to the Guidelines relating to insurers,
setting down guidance on appropriate internal systems and control for
complaints-handling, the provision of information and procedures for
responding to complaints.
They are also addressed to national competent authorities (NCAs) who would
comply with the Guidelines by incorporating them into their regulatory or
supervisory framework in an appropriate manner. By setting down high-level
principles regarding the arrangements under which insurance intermediaries
handle complaints that they receive, the Guidelines would thereby
establish a minimum level of supervisory convergence. This, in turn, would
lead to benefits in terms of creating a level playing field for insurance
intermediaries across the EU and ensuring fair treatment of complainants
by insurance intermediaries.
A proportionate approach, which seeks to ensure that the benefits to
consumers outweigh the costs to NCAs and intermediaries, remains at the
forefront. EIOPA has paid particular attention to the very diverse nature
and size of the insurance intermediation market in Europe.
As the Guidelines lay down high-level principles for competent authorities,
they are supplemented by more detailed examples of best supervisory
practices in a Report, which links directly to the provisions of the
Guidelines.
The public consultation will end on 28 June 2013 at 12.00 hrs CET. Comments
should be submitted via email to CP-13-006{at}eiopa.europa.eu
(Link: CP-13-006@eiopa.europa.eu ).
Please note that contributions not provided in the template for comments,
or sent to a different email address, or after the deadline will not be
processed.
The Consultation Paper and the Template for comments can be viewed on EIOPA
website (Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html ).
This newsletter was sent to you by:
EIOPA
WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19
info@eiopa.europa.eu
https://eiopa.europa.eu
---
Don't want to receive this newsletter anymore?
Please login to the Restricted Area of the EIOPA website and change
your user profile:
https://eiopa.europa.eu/restricted-area/index.html
If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.
launched today a public consultation on Guidelines regarding
complaints-handling by insurance intermediaries, such as insurance
brokers. They follow up previous EIOPA Guidelines on complaints-handling
by insurers and thereby aim to ensure a "complete circle of
protection" for consumers.
The Guidelines cover similar issues to the Guidelines relating to insurers,
setting down guidance on appropriate internal systems and control for
complaints-handling, the provision of information and procedures for
responding to complaints.
They are also addressed to national competent authorities (NCAs) who would
comply with the Guidelines by incorporating them into their regulatory or
supervisory framework in an appropriate manner. By setting down high-level
principles regarding the arrangements under which insurance intermediaries
handle complaints that they receive, the Guidelines would thereby
establish a minimum level of supervisory convergence. This, in turn, would
lead to benefits in terms of creating a level playing field for insurance
intermediaries across the EU and ensuring fair treatment of complainants
by insurance intermediaries.
A proportionate approach, which seeks to ensure that the benefits to
consumers outweigh the costs to NCAs and intermediaries, remains at the
forefront. EIOPA has paid particular attention to the very diverse nature
and size of the insurance intermediation market in Europe.
As the Guidelines lay down high-level principles for competent authorities,
they are supplemented by more detailed examples of best supervisory
practices in a Report, which links directly to the provisions of the
Guidelines.
The public consultation will end on 28 June 2013 at 12.00 hrs CET. Comments
should be submitted via email to CP-13-006{at}eiopa.europa.eu
(Link: CP-13-006@eiopa.europa.eu ).
Please note that contributions not provided in the template for comments,
or sent to a different email address, or after the deadline will not be
processed.
The Consultation Paper and the Template for comments can be viewed on EIOPA
website (Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html ).
This newsletter was sent to you by:
EIOPA
WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19
info@eiopa.europa.eu
https://eiopa.europa.eu
---
Don't want to receive this newsletter anymore?
Please login to the Restricted Area of the EIOPA website and change
your user profile:
https://eiopa.europa.eu/restricted-area/index.html
If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.
dinsdag 2 april 2013
EU-US INSURANCE DIALOGUE AGREES HIGH LEVEL PROJECT PLAN
The Steering Committee of the EU-U.S. Insurance Dialogue Project to
increase mutual understanding and enhance cooperation met in Basel,
Switzerland on 21 March 2013 and agreed on a high level work plan from
2013 to 2017. The parties achieved agreement on a prioritization of
objectives and a schedule for the implementation of the initiatives
previously agreed upon by the Steering Committee and described in the
"Way Forward Document" (December 2012).
As part of the five-year plan, an agreement was reached to move forward in
2013 with particular focus on those initiatives relating to professional
secrecy/ confidentiality and reinsurance and collateral requirements, as
well as to begin work on some other initiatives pertaining to solvency and
capital requirements, group supervision and on-site examination practices.
The Steering Committee anticipates a public forum in late 2013 to report
on the year's achievements, to launch collaborative work on supervisory
colleges and to give stakeholders an opportunity to share their thoughts
on best practices and experiences regarding supervisory cooperation and
coordination.
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.
increase mutual understanding and enhance cooperation met in Basel,
Switzerland on 21 March 2013 and agreed on a high level work plan from
2013 to 2017. The parties achieved agreement on a prioritization of
objectives and a schedule for the implementation of the initiatives
previously agreed upon by the Steering Committee and described in the
"Way Forward Document" (December 2012).
As part of the five-year plan, an agreement was reached to move forward in
2013 with particular focus on those initiatives relating to professional
secrecy/ confidentiality and reinsurance and collateral requirements, as
well as to begin work on some other initiatives pertaining to solvency and
capital requirements, group supervision and on-site examination practices.
The Steering Committee anticipates a public forum in late 2013 to report
on the year's achievements, to launch collaborative work on supervisory
colleges and to give stakeholders an opportunity to share their thoughts
on best practices and experiences regarding supervisory cooperation and
coordination.
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)