The European Insurance and Occupational Pensions Authority (EIOPA)
publishes updated information on the Data Point Model and XBRL taxonomy
design that have been developed in accordance with the EIOPA Guidelines on
Submission of Information to national competent authorities.
The purpose of the publication is to increase the awareness and collect
technical feedback from the relevant market participants.
Harmonised EU-wide reporting formats are crucial to ensure a consistent
implementation of European regulatory and supervisory frameworks to
support EIOPA's goal to improve the consistency and efficiency and
consistency of the supervision of financial institutions practices across
Europe.
Principles, rules and design approaches used in the current publication are
still under consideration and subject to further changes.
To contact EIOPA about information published in this section please use the
dedicated e-mail address: xbrl{at}eiopa.europa.eu (Link:
xbrl@eiopa.europa.eu )
Click here (Link:
https://eiopa.europa.eu/publications/solvency-ii-reporting-format/index.html
)to access the relevant page at EIOPA website.
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 28 mei 2014
donderdag 22 mei 2014
EIOPA has launched a Discussion Paper on conflicts of interest
The European Insurance and Occupational Pensions Authority (EIOPA) has
launched a Discussion Paper on conflicts of interest in the distribution
of insurance-based investment products, following amendments to the
Insurance Mediation Directive. Conflicts of interest, where sellers do not
put the customers' interest first, can lead to harm for customers, and
the Discussion Paper explores how to tackle this. Views from all types of
stakeholders on the Discussion Paper are sought by the end of 22 July.
EIOPA will consider the feedback and prepare its advice to the European
Commission, with a further consultation on its conclusions in the autumn.
A Public Event in order to debate the issues is planned in Frankfurt for
the 11 July. You can find the Discussion Paper 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.
launched a Discussion Paper on conflicts of interest in the distribution
of insurance-based investment products, following amendments to the
Insurance Mediation Directive. Conflicts of interest, where sellers do not
put the customers' interest first, can lead to harm for customers, and
the Discussion Paper explores how to tackle this. Views from all types of
stakeholders on the Discussion Paper are sought by the end of 22 July.
EIOPA will consider the feedback and prepare its advice to the European
Commission, with a further consultation on its conclusions in the autumn.
A Public Event in order to debate the issues is planned in Frankfurt for
the 11 July. You can find the Discussion Paper 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.
vrijdag 16 mei 2014
“Comply or explain” process on the Guidelines on Complaints-Handling by Insurance Intermediaries
EIOPA has initiated the "comply or explain" process on the Guidelines
on complaints-handling by insurance intermediaries. The translations of
the Guidelines are available here (Link:
https://eiopa.europa.eu/publications/eiopa-guidelines/guidelines-on-complaints-handling-by-insurance-intermediaries/index.html
).
The Guidelines are subject to a comply-or-explain procedure whereby
competent authorities are expected to make every effort to comply with
them. During a 2-month period each competent authority will need to
confirm whether they comply or intend to comply with the Guidelines. In
the event that a competent authority does not comply or does not intend to
comply, it will need to inform EIOPA, stating its reasons. EIOPA will
publish the fact that a competent authority does not comply or does not
intend to comply with that guideline or recommendation. EIOPA may also
decide, on a case-by-case basis, to publish the reasons provided by the
competent authority for not complying with that guideline or
recommendation.
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.
on complaints-handling by insurance intermediaries. The translations of
the Guidelines are available here (Link:
https://eiopa.europa.eu/publications/eiopa-guidelines/guidelines-on-complaints-handling-by-insurance-intermediaries/index.html
).
The Guidelines are subject to a comply-or-explain procedure whereby
competent authorities are expected to make every effort to comply with
them. During a 2-month period each competent authority will need to
confirm whether they comply or intend to comply with the Guidelines. In
the event that a competent authority does not comply or does not intend to
comply, it will need to inform EIOPA, stating its reasons. EIOPA will
publish the fact that a competent authority does not comply or does not
intend to comply with that guideline or recommendation. EIOPA may also
decide, on a case-by-case basis, to publish the reasons provided by the
competent authority for not complying with that guideline or
recommendation.
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 14 mei 2014
EIOPA INTRODUCES A NEW FORMAT FOR ITS FINANCIAL STABILITY REPORT
The European Insurance and Occupational Pensions Authority (EIOPA) has
introduced its Financial Stability Report May 2014 in a new format. In
addition to the regular analysis and assessment of risks, the publication
now presents thematic articles aimed at deeper analysis of specific issues
or broader policy discussions. Furthermore, the report uses some new
analytical tools that are part of EIOPA's ongoing work to develop new
methodologies for financial stability assessment.
While the current European economic outlook is rather positive, the key
risks for the insurance companies and occupational pension funds remain:
vulnerable macroeconomic climate, low yield environment and credit risks
arising from the exposure to sovereigns and financial institutions.
Heavily indebted private and public sectors; high unemployment and market
fragmentation are the main sources of vulnerability. The prolonged low
interest rate environment remains a key risk in many countries. It has a
negative impact on the ability of insurers and pension funds to maintain
long-term profitability and stable financial profiles. As a consequence of
low interest rates insurers and pension funds are "searching for
yields" and, therefore, allocate their resources in riskier assets.
Attracted by higher profit margins, insurers continued to expand their
activities in China, South-East Asia, Latin America and some emerging
European countries and, thus, to increase their exposure to political,
legal and other risks on these markets.
In the insurance sector EIOPA observes a subdued growth in premiums.
According to EIOPA's projection, this trend will continue until at least
the end of 2015. As a result of low interest rates, life insurers are
lowering guarantees and focusing on unit-linked products. In the
medium-term it might be difficult for insurers to keep their
profitability, which still remains relatively robust.
Profitability of the global reinsurance sector is rather high. The demand
from investors for catastrophe bonds continues its upward trend and
reached its highest level ever.
Low rates put a significant pressure on the profitability of the European
occupational pensions sector. Structural budget deficits are forcing
governments to shift responsibility for pensions from the state to
individuals.
The first thematic article of the Report analyses the relationship between
written premiums' growth in the insurance sector and key macroeconomic
determinants on the bases of panel data covering 30 European countries.
The second article addresses the issue of Global Systemically Important
Insurers.
Click here (Link:
https://eiopa.europa.eu/publications/financial-stability/eiopa-financial-stability-reports/eiopa-financial-stability-report-may-2014/index.html
) to access the Financial Stability Report May 2014
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.
introduced its Financial Stability Report May 2014 in a new format. In
addition to the regular analysis and assessment of risks, the publication
now presents thematic articles aimed at deeper analysis of specific issues
or broader policy discussions. Furthermore, the report uses some new
analytical tools that are part of EIOPA's ongoing work to develop new
methodologies for financial stability assessment.
While the current European economic outlook is rather positive, the key
risks for the insurance companies and occupational pension funds remain:
vulnerable macroeconomic climate, low yield environment and credit risks
arising from the exposure to sovereigns and financial institutions.
Heavily indebted private and public sectors; high unemployment and market
fragmentation are the main sources of vulnerability. The prolonged low
interest rate environment remains a key risk in many countries. It has a
negative impact on the ability of insurers and pension funds to maintain
long-term profitability and stable financial profiles. As a consequence of
low interest rates insurers and pension funds are "searching for
yields" and, therefore, allocate their resources in riskier assets.
Attracted by higher profit margins, insurers continued to expand their
activities in China, South-East Asia, Latin America and some emerging
European countries and, thus, to increase their exposure to political,
legal and other risks on these markets.
In the insurance sector EIOPA observes a subdued growth in premiums.
According to EIOPA's projection, this trend will continue until at least
the end of 2015. As a result of low interest rates, life insurers are
lowering guarantees and focusing on unit-linked products. In the
medium-term it might be difficult for insurers to keep their
profitability, which still remains relatively robust.
Profitability of the global reinsurance sector is rather high. The demand
from investors for catastrophe bonds continues its upward trend and
reached its highest level ever.
Low rates put a significant pressure on the profitability of the European
occupational pensions sector. Structural budget deficits are forcing
governments to shift responsibility for pensions from the state to
individuals.
The first thematic article of the Report analyses the relationship between
written premiums' growth in the insurance sector and key macroeconomic
determinants on the bases of panel data covering 30 European countries.
The second article addresses the issue of Global Systemically Important
Insurers.
Click here (Link:
https://eiopa.europa.eu/publications/financial-stability/eiopa-financial-stability-reports/eiopa-financial-stability-report-may-2014/index.html
) to access the Financial Stability Report May 2014
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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