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Phone: +49 69 951119-20
Fax: +49 69 951119-19
info@eiopa.europa.eu
https://eiopa.europa.eu
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woensdag 19 februari 2014
donderdag 13 februari 2014
EIOPA publishes the Report on the Functioning of Colleges and the Accomplishments of the 2013 Action Plan
EIOPA publishes the Report (Link:
https://eiopa.europa.eu/activities/insurance/colleges-of-supervisors/index.html
)on the Functioning of Colleges and the Accomplishments of the 2013 Action
Plan
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:
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If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.
https://eiopa.europa.eu/activities/insurance/colleges-of-supervisors/index.html
)on the Functioning of Colleges and the Accomplishments of the 2013 Action
Plan
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:
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If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.
donderdag 6 februari 2014
EIOPA-analysis on adaptation regulatory frameworks to gender neutral premiums and benefits in insurances
In line with its Work Programme, EIOPA has mapped and analysed the
implementation of the so called Test Achats (a Belgian consumer
association) decision by the European Court of Justice into national
legislation. This decision rules that insurers are not allowed to use
gender-based factors in the calculation of individuals' premiums and
benefits. Member States that prior to this date, permitted gender
differentiation for certain insurance products, need to adapt their
national regulatory framework.
The deadline for EU Member States to implement the ruling into national
legislation was 21 December 2012. The majority of the Member States
complied with this deadline. In a few Member States the legislation
entered into force later. However, Italy, Luxembourg and Portugal reported
that legislation implementing the ruling was in the process of being
adopted but not in force at the time of finalising this analysis. Several
Members reported about further rules and criteria adopted at national
level.
Test-Achats vs Council of Ministers is a decision of the European Court of
Justice which invalidated a provision of Directive 2004/113/EC of the
European Union which permitted the continence of sexual discrimination in
the provision of insurance services provided that it was based on
"relevant and accurate actuarial and statistical data."
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.
implementation of the so called Test Achats (a Belgian consumer
association) decision by the European Court of Justice into national
legislation. This decision rules that insurers are not allowed to use
gender-based factors in the calculation of individuals' premiums and
benefits. Member States that prior to this date, permitted gender
differentiation for certain insurance products, need to adapt their
national regulatory framework.
The deadline for EU Member States to implement the ruling into national
legislation was 21 December 2012. The majority of the Member States
complied with this deadline. In a few Member States the legislation
entered into force later. However, Italy, Luxembourg and Portugal reported
that legislation implementing the ruling was in the process of being
adopted but not in force at the time of finalising this analysis. Several
Members reported about further rules and criteria adopted at national
level.
Test-Achats vs Council of Ministers is a decision of the European Court of
Justice which invalidated a provision of Directive 2004/113/EC of the
European Union which permitted the continence of sexual discrimination in
the provision of insurance services provided that it was based on
"relevant and accurate actuarial and statistical data."
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.
EBA, ESMA and EIOPA publish Final Report on mechanistic references to credit ratings in the ESAs’ guidelines and recomme
The Joint Committee of the three European Supervisory Authorities (EBA,
ESMA and EIOPA - ESAs) published today its final Report on mechanistic
references to credit ratings in the ESAs' guidelines and recommendations
and on the definition of "sole and mechanistic reliance" on such
ratings.
In accordance with the Credit Rating Agencies Regulation (CRA 3), the EBA,
ESMA and EIOPA have reviewed all their existing guidelines and
recommendations in order to identify, and where appropriate remove,
references to external credit ratings that could trigger sole or
mechanistic reliance on such ratings.
This final report includes the amendments to ESMA's Guidelines on Money
Market Funds (MMF) according to the definition of 'sole and mechanistic
reliance' contained therein.
This common definition aims at harmonising the different interpretations of
'sole and mechanistic reliance' in the ESAs regulations and
guidelines.
This definition, to which the ESAs intend to refer to in all their future
guidelines, recommendations and draft technical standards, was developed
taking into account all the comments received during the public
consultation that ended on 5 December 2013.
The Final Report on mechanistic references to credit ratings in the ESAs'
guidelines and recommendations can be viewed here (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2013-closed-consultations/november-2013/eba-eiopa-and-esmas-joint-consultation-paper-on-mechanistic-references-to-credit-ratings-in-the-esas-guidelines-and-recommendations/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.
ESMA and EIOPA - ESAs) published today its final Report on mechanistic
references to credit ratings in the ESAs' guidelines and recommendations
and on the definition of "sole and mechanistic reliance" on such
ratings.
In accordance with the Credit Rating Agencies Regulation (CRA 3), the EBA,
ESMA and EIOPA have reviewed all their existing guidelines and
recommendations in order to identify, and where appropriate remove,
references to external credit ratings that could trigger sole or
mechanistic reliance on such ratings.
This final report includes the amendments to ESMA's Guidelines on Money
Market Funds (MMF) according to the definition of 'sole and mechanistic
reliance' contained therein.
This common definition aims at harmonising the different interpretations of
'sole and mechanistic reliance' in the ESAs regulations and
guidelines.
This definition, to which the ESAs intend to refer to in all their future
guidelines, recommendations and draft technical standards, was developed
taking into account all the comments received during the public
consultation that ended on 5 December 2013.
The Final Report on mechanistic references to credit ratings in the ESAs'
guidelines and recommendations can be viewed here (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2013-closed-consultations/november-2013/eba-eiopa-and-esmas-joint-consultation-paper-on-mechanistic-references-to-credit-ratings-in-the-esas-guidelines-and-recommendations/index.html
)
This newsletter was sent to you by:
EIOPA
WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19
info@eiopa.europa.eu
https://eiopa.europa.eu
---
Don't want to receive this newsletter anymore?
Please login to the Restricted Area of the EIOPA website and change
your user profile:
https://eiopa.europa.eu/restricted-area/index.html
If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.
woensdag 5 februari 2014
EBA, ESMA and EIOPA consult on draft technical standards on the mapping of ECAIs’ credit assessments
The Joint Committee of the three European Supervisory Authorities (EBA,
ESMA and EIOPA - ESAs) launched today a consultation on draft Implementing
Technical Standards (ITS) on the mapping of the credit assessments to risk
weights of External Credit Assessment Institution (ECAIs). These ITS will
be part of the Single Rulebook in banking aimed at enhancing regulatory
harmonisation across the European Union (EU). The consultation runs until
5 May 2014
Capital requirements under the Standardised Approach are based, among other
factors, on the credit quality of the exposure, which is calculated on the
basis of credit assessments provided by ECAIs. These draft ITS specify the
elements that should be taken into consideration to determine the
correspondence ('mapping') between risk weights and credit assessments
provided by a particular ECAI.
This 'mapping' has to be provided for all ECAIs, as defined by the
Capital Requirements Regulation (CRR), including any credit rating agency
that is registered or certified in accordance with the Regulation on
Credit Rating Agencies (CRA) or a central bank issuing credit ratings that
are exempt from the application of the CRA Regulation.
In particular, the following elements have been taken into account in the
mapping process:
• Specific requirements have been established for the calculation of the
default rate, which should improve the objectivity and consistency of the
'mappings';
• Default experience obtained from external ratings of other ECAIs or
credit scores produced by the ECAIs themselves have been considered;
• In case no external or internal default rate data is available, an
estimate of the quantitative factor has been required based on the
assessment provided by the ECAIs;
In addition, a description of the implementation of the qualitative factors
has been provided in the explanatory boxes of these draft ITS.
Click here (Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html )to
access the Consultation Paper and the template for comments
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.
ESMA and EIOPA - ESAs) launched today a consultation on draft Implementing
Technical Standards (ITS) on the mapping of the credit assessments to risk
weights of External Credit Assessment Institution (ECAIs). These ITS will
be part of the Single Rulebook in banking aimed at enhancing regulatory
harmonisation across the European Union (EU). The consultation runs until
5 May 2014
Capital requirements under the Standardised Approach are based, among other
factors, on the credit quality of the exposure, which is calculated on the
basis of credit assessments provided by ECAIs. These draft ITS specify the
elements that should be taken into consideration to determine the
correspondence ('mapping') between risk weights and credit assessments
provided by a particular ECAI.
This 'mapping' has to be provided for all ECAIs, as defined by the
Capital Requirements Regulation (CRR), including any credit rating agency
that is registered or certified in accordance with the Regulation on
Credit Rating Agencies (CRA) or a central bank issuing credit ratings that
are exempt from the application of the CRA Regulation.
In particular, the following elements have been taken into account in the
mapping process:
• Specific requirements have been established for the calculation of the
default rate, which should improve the objectivity and consistency of the
'mappings';
• Default experience obtained from external ratings of other ECAIs or
credit scores produced by the ECAIs themselves have been considered;
• In case no external or internal default rate data is available, an
estimate of the quantitative factor has been required based on the
assessment provided by the ECAIs;
In addition, a description of the implementation of the qualitative factors
has been provided in the explanatory boxes of these draft ITS.
Click here (Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html )to
access the Consultation Paper and the template for comments
This newsletter was sent to you by:
EIOPA
WesthafenTower | Westhafenplatz 1 | 60327 Frankfurt | Germany
Phone: +49 69 951119-20
Fax: +49 69 951119-19
info@eiopa.europa.eu
https://eiopa.europa.eu
---
Don't want to receive this newsletter anymore?
Please login to the Restricted Area of the EIOPA website and change
your user profile:
https://eiopa.europa.eu/restricted-area/index.html
If you forgot your password, you will find a link to receive a new
password on the login page of the EIOPA Restricted Area.
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