EIOPA launches EU-wide Insurance Stress Test

The European Insurance and Occupational Pensions Authority (EIOPA) launched
today an EU-wide stress test for the insurance sector.

The test package comprises two modules. The core module of the exercise
includes two adverse market scenarios, covering financial asset stresses
(sovereigns, corporate bonds and equities) as well, as shocks to real
estate assets prices' and interest rates stresses. The adverse market
scenarios are complemented by a set of independent insurance-specific
shocks covering mortality, longevity, insufficient reserves and
catastrophe shocks. The second module addresses the impact of a low yield
environment and is a follow-up to EIOPA's Opinion on Supervisory
Response to a Prolonged Low Interest Rate Environment. The adverse market
scenarios have been developed in cooperation with the European Systemic
Risk Board (ESRB).

It is envisaged that the stress test will cover at least 50% of the market
share in each country both of life and non-life segments. Its results will
provide a clear vision on the resilience of the insurance sector to
different shocks and identify issues that require further supervisory
response.

The technical basis of the stress test is the new insurance regulatory
regime Solvency II, which will apply as of 1 January 2016. Simultaneous
with the launch of the exercise, EIOPA publishes the Solvency II Technical
Specifications for the preparatory phase that will provide a ground for
undertakings to value assets and liabilities and to calculate
solvency/minimum capital requirements and own funds.

The exercise will be run in close cooperation with national supervisory
authorities (NSAs). The NSAs will collect data from undertakings in July
2014 and validate the information before it is aggregated at the EU level.
To improve consistency in the calculations, during August and September
2014, EIOPA in cooperation with NSAs will conduct an EU-wide validation of
the data received. Results of the stress test analysis will be disclosed
in November 2014.

To facilitate the participation of undertakings in the exercise EIOPA will
hold a workshop and will launch a Q&A tool to address queries raised by
participants when completing the test.

Click here (Link:
https://eiopa.europa.eu/activities/financial-stability/insurance-stress-test-2014/index.html
)to access the Insurance Stress Test 2014.


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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 has published the keynote speech by Gabriel Bernardino, Chairman of EIOPA, delivered at the Public event on Person

EIOPA has published the keynote speech by Gabriel Bernardino
(Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/Press-Room/speeches/2014-04-15_Personal_Pensions_Event_Bratislava.pdf
), Chairman of EIOPA, delivered at the Public event on Personal Pensions
at Bratislava.


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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EIOPA and National Bank of Slovakia hold a conference on personal pensions

The European Insurance and Occupational Pensions Authority (EIOPA) and the
National Bank of Slovakia (NBS) are holding today, on 15 April 2014 in
Bratislava (Slovakia) an international conference dedicated to the
creation of a single market for personal pensions in the EU.

The event is organised in the context of EIOPA's work that has been
initiated on request of the European Commission. It follows the
publication in February 2014 of EIOPA's Preliminary Report on the
prudential regulation and consumer protection measures needed to create a
single market for personal pensions.

I am pleased that we could gather an impressive list of speakers from the
consumer, industry, academia and public institutions to debate this
challenge. I am thankful to our colleagues from the National Bank of
Slovakia for their active participation in this debate and for the
opportunity to organise this conference here in Bratislava".

The conference aims at discussing regulatory changes that are needed to
facilitate cross-border provision of personal pensions in order to improve
the adequacy, sustainability and safety of pensions in Europe.
Participants will speak about such challenges as the information needs of
the personal pension plans holders, delivery of high-quality and low-cost
pension solutions, and the possible influence of behavioural economics on
the policy making process. The discussions should help to identify ways to
deal with obstacles to the creation of a single market for personal
pensions.

The event starts at 10.00 hrs CET. Click here (Link:
https://eiopa.europa.eu/conferences-events/2014/public-event-on-personal-pensions-bratislava/index.html
) to watch it live.



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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Please login to the Restricted Area of the EIOPA website and change
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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.

EIOPA consults on operational functioning of colleges of supervisors

The European Insurance and Occupational Pensions Authority (EIOPA) invites
market participants and (re)insurance stakeholders to provide their
feedback on the draft Guidelines on the Operational Functioning of
Colleges of Supervisors.

The Guidelines aim to clarify and enhance cooperation among competent
authorities with regard to the supervision of cross-border insurance or
reinsurance groups and to facilitate the functioning of supervisory
colleges. They address such issues as cooperation between competent
supervisory authorities for cross-border groups, information-sharing among
supervisors and communication to the (re)insurance groups.


The consultation will end on 30 June 2014. Comments should be submitted via
email to CP-14-010@eiopa.europa.eu (Link:
CP-14-010@eiopa.europa.eu ). Please note that comments submitted after the
deadline or not submitted on the provided template cannot be processed.

The consultation paper and the template for comments can be viewed here
(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

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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.

EIOPA consults on Set 1 of its Implementing Technical Standards for Solvency II

The European Insurance and Occupational Pensions Authority (EIOPA) invites
market participants and (re)insurance stakeholders to provide their
feedback on the first set of draft Implementing Technical Standards (ITS)
for Solvency II.

With this EIOPA enters the final regulatory phase of Solvency II, during
which it will present its draft ITS and Guidelines to the public until the
regulation becomes applicable on 1 January 2016.

The ITS define the processes for the approval of the Matching Adjustment,
Ancillary Own Funds, Undertaking-Specific Parameters, Internal Models and
Special Purpose Vehicles as well as the joint decision process on Group
Internal Models.

Approval processes contain provisions that are addressed to undertakings
and national supervisors. Their purpose is to ensure that (re)insurers
present all the information that is necessary for supervisors to give a
legally certain and prudentially sound approval of the above-mentioned
Solvency II elements.

The ITS contribute to the preparation by undertakings and supervisory
authorities for the approval processes: as of 1 April 2015, companies can
start submitting their applications to supervisors.

EIOPA will send the ITS to the European Commission by 31 October 2015 for
final endorsement, after which the ITS will be translated into all the EU
official languages and will become legally binding.

The consultation will end on 30 June 2014. Please note that comments
submitted after the deadline or not submitted on the provided template
cannot be processed.

The consultation papers and the templates for comments can be viewed here
(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.