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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https://eiopa.europa.eu

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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.


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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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.

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.


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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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.