vrijdag 31 oktober 2014

EIOPA publishes the outcome of the public consultation related to the Guidelines on the Operational Functioning of Colle

EIOPA published today the Final Report on the public consultation related
to the Solvency II Guidelines on the Operational Functioning of Colleges
of Supervisors.

These Guidelines specify responsibilities of members and participants
within supervisory colleges in order to implement the cooperation and
information-sharing between supervisors for cross-border groups in a
convergent manner. EIOPA intends to issue the Guidelines on the
Operational Functioning of Colleges of Supervisors in all the official EU
languages in the first quarter of 2015. They will become applicable on 1
January 2016.

The Final Report containing the impact assessment, the Resolution of
Comments and draft Guidelines can be viewed here (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2014-closed-consultations/april-2014/consultation-paper-on-the-guidelines-on-the-operational-functioning-of-colleges-of-supervisors/index.html
).


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EIOPA delivers Solvency II Implementing Technical Standards on supervisory approval processes

EIOPA has submitted today to the European Commission (EC) for endorsement
the first set of draft Solvency II Implementing Technical Standards (ITS).

The current ITS define the processes for approval of the Internal Models,
Matching Adjustment, Ancillary Own Funds, Undertaking-Specific Parameters
and Special Purpose Vehicles as well as the joint decision process on
Group Internal Models. The ITS are addressed both to undertakings and
national supervisors. Their purpose is to guarantee that (re)insurers
present all information that is necessary for supervisors to give a
legally certain and prudentially sound approval of key elements of
Solvency II.

The EC has to endorse the Implementing Technical Standards within 3 months.
Following endorsement, the ITS will be translated into all official EU
languages and will become legally binding.

In addition, as part of its transparency policy, EIOPA is publishing the
Final Report on the public consultation regarding this first Set of
Solvency II ITS, which includes an Impact Assessment, the resolution of
comments of stakeholders, and, in particular, the Opinion of EIOPA's
Insurance and Reinsurance Stakeholder Group.

All the documentation can be viewed on EIOPA's website (Link:
https://eiopa.europa.eu/publications/technical-standards/draft-implementing-technical-standards-on-the-supervisory-approval-processes-for-solvency-ii/index.html
).


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donderdag 30 oktober 2014

EIOPA publishes Action Plan 2015/16 for Colleges and a list of cross-border insurance groups for which a College is in p

Click here (Link:
https://eiopa.europa.eu/activities/insurance/colleges-of-supervisors/index.html
)to read the Action Plan 2015/16 for Colleges and a list of cross-border
insurance groups for which a College is in place


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woensdag 29 oktober 2014

EIOPA publishes a Consultation Paper on the Guidelines on product oversight & governance arrangements by insurance under

The European Insurance and Occupational Pensions Authority (EIOPA) has
issued today a public consultation (Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html ) on
Product Oversight & Governance (POG) arrangements by insurers. The
consultation is on proposed Guidelines to better protect consumers during
the early stages of product development to prevent miss-selling of
insurance products due to poor product design. The Guidelines will also
bring more consistent national supervisory practices. EIOPA wants to
ensure that:


Insurance products are always designed with specific consumer needs in
mind;Insurance products are always tested before being brought to the
market; Insurers only use distribution channels for products with the
knowledge and expertise needed to inform and advise the consumer about the
products; and Insurers consider how too many product variants can be bad
for the consumer.

The Guidelines are addressed to national authorities. They make clear that
full responsibility for compliance sits with insurers, even for products
designed by third parties.

The product oversight and governance arrangements are part of the system of
governance for insurers under Solvency II, and should be proportionate to
the level of complexity of the products as well as the scale of the
business of the insurer.

The consultation ends on 23 January 2015.


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maandag 27 oktober 2014

EU-U.S. Insurance Project reports on increased transatlantic cooperation

The Steering Committee of the EU-U.S. Insurance Project hosted on 25
October in Amsterdam a Forum dedicated to the evolution of group
supervision. Attended by insurance professionals from around the world,
the event provided an opportunity for exchange of views, suggestions and
practices between insurance companies and supervisory authorities from
both sides of the Atlantic.

The main purpose of the Forum was to highlight the initiatives of the EU-US
Insurance Project on group supervision and the use of Own Risk and
Solvency Assessment (ORSA). The Project parties expanded on their
intention to develop a clear designation of responsibilities for group and
solo supervisors within colleges. They are also going to formulate common
high-level principles for transatlantic colleges. Furthermore, the Project
plans to elaborate on common ORSA reporting elements for both EU and U.S.,
which would limit insurers duplicating of work on ORSA.

Gabriel Bernardino, Chairman of EIOPA, said: "During this Forum we
demonstrated that from the level of mutual understanding in general we are
making steps towards more concrete deliverables. I am happy to see this
move. We have to think and act in line with the increasingly global
environment we are living in. With the EU-U.S. Insurance Project we are on
the right track".

During the final session, the attendees learned about achievements and
current activities of the EU-U.S. Insurance Project. The Project parties
explained the updates that were recently made in the Project's Way
Forward document outlining the milestones to be achieved in the next
years.

Click here (Link:
https://eiopa.europa.eu/conferences-events/2014/public-event-of-the-eu-us-insurance-project-on-25-october-2014-in-amsterdam/index.html
) to find more information about the event.


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vrijdag 24 oktober 2014

EIOPA Conference 2014 (19 November 2014, Frankfurt am Main)=?utf-8?Q?_=E2=80=93_Last_chance_to_register?=

The European Insurance and Occupational Pensions Authority (EIOPA) would
like to remind you about the opportunity to register for its 4th Annual
Conference:


WhenWednesday, 19 November 2014
09:10–17:15
Followed by an informal get-togetherWhereCongress Center Messe Frankfurt
(Link:
http://www.malekigroup.com/en/event/eiopaconference111111-Info.html?subd=directions
)
Ludwig-Erhard-Anlage 1
60327 Frankfurt am Main, GermanyProgrammeHigh-profile speakers will cover
current hot topics in a keynote speech and three panel discussions:
Keynote: Jacques de Larosière, President, Eurofi
Panel sessions:
"Long-term financing of the economy – Sustainable Growth?"
"Pensions - Does the new EU Pensions Directive reflect the needs of IORPs
in Europe?"
"Solvency II - From Regulation to Supervision"
You can view the full programme here (Link:
https://eiopa.europa.eu/conferences-events/2014/eiopa-conference-2014/programme/index.html
). RegistrationRegistration is open until 17 November 2014 on the website
of the Conference organiser (online registration (Link:
http://www.eurofinanceweek.com/en/konferenzen/mittwoch-19-nov-2014/eiopa-conference
)) at a regular rate of EUR 800 (plus VAT).

For further information please visit the EIOPA conference website or
contact us at EIOPAConference@eiopa.europa.eu (Link:
EIOPAConference@eiopa.europa.eu ). We look forward to welcoming you on 19
November in Frankfurt am Main.

Yours sincerely,

The EIOPA Conference Team
EIOPA
WesthafenTower
Westhafenplatz 1
60327 Frankfurt am Main Germany


Tel: +49 69 9511 19-714
Fax: +49 69 9511 19-19
eiopaconference@eiopa.europa.eu (Link:
eiopaconference@eiopa.europa.eu )
https://eiopa.europa.eu/ (Link:
https://eiopa.europa.eu/home/index.html )



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dinsdag 21 oktober 2014

EIOPA publishes the speech by Gabriel Bernardino, Chairman of EIOPA, at the NAPF Conference in Liverpool

EIOPA publishes the speech by Gabriel Bernardino, Chairman of EIOPA, at the
NAPF Conference in Liverpool: "I want to express my admiration for the
unparalleled pace of change in the UK in the last decade. Not only have
you acknowledged that we face a real problem, but also you had the courage
to act. And it deserves our appreciation that you understood that reforms
in one of the pillars of the pension system should also lead to reforms in
the other pillars."

Click here (Link:
https://eiopa.europa.eu/press-room/speeches-presentations-and-interviews/index.html
)to read the speech


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maandag 20 oktober 2014

EIOPA issues Guidelines on the use of the Legal Entity Identifier

The European Insurance and Occupational Pensions Authority (EIOPA) issued
today its Guidelines on the use of the Legal Entity Identifier (LEI) in
all the official languages of the EU. According to them, national
competent authorities (NCAs) should ensure that all institutions under
their supervisory remit obtain a LEI code. The use of LEI will apply to
all information collected by EIOPA including Solvency II reporting and
registers.

Within 2 months, the NCAs should confirm to EIOPA their compliance or
intention to comply with the Guidelines on the use of LEI that will become
applicable on 31 December 2014.

With these Guidelines, EIOPA supports the adoption of the LEI system
proposed by the Financial Stability Board (FSB) and endorsed by the G20,
aimed at achieving a unique, worldwide identification of parties to
financial transactions. EIOPA believes that the use of LEIs will enhance
supervisory convergence and overall efficiency of the supervisory system
while ensuring the high quality, reliability and comparability of data.

In addition EIOPA publishes the Final Report on the public consultation on
the draft Guidelines related to the use of LEI, which contains the impact
assessment of the Guidelines and EIOPA's Feedback Statement on the
public consultation. The language versions of the Guidelines and other
documentation can be viewed here (Link:
https://eiopa.europa.eu/publications/eiopa-guidelines/guidelines-on-the-use-of-the-legal-entity-identifier/index.html
).


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maandag 13 oktober 2014

The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on further work on sol

Today EIOPA published a consultation paper on further technical work on the
holistic balance sheet to gather input from stakeholders. The paper
constitutes a further step in EIOPA's work on a risk-based framework for
occupational pension funds. EIOPA is undertaking this work on its own
initiative, in its role as independent advisor to the European political
institutions.

The consultation paper proposes improved definitions and methodologies to
value the holistic balance sheet, covering areas such as the valuation of
sponsor support, the benefit reduction mechanisms and discretionary
decision-making processes and the definition of contract boundaries.

Most importantly, the paper consults on different possible uses of the
holistic balance sheet within a supervisory framework, ranging from an
instrument to establish funding requirements to a risk management and
transparency tool to assess the long-term sustainability of IORPs.

The further work on the holistic balance sheet has to be tested through a
quantitative assessment. EIOPA expects to publish draft technical
specifications for such an assessment by early 2015.

The consultation will end on 13 January 2015.

The relevant documentation and the template for comments can be viewed
here: https://eiopa.europa.eu/consultations/consultation-papers/index.html
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html )


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woensdag 1 oktober 2014

The European Insurance and Occupational Pensions Authority (EIOPA) published a Consultation Paper on conflicts of intere

The European Commission asked EIOPA to provide technical advice on
organisational requirements obliging insurance intermediaries and
insurance undertakings to take appropriate measures to address conflicts
of interest arising in the distribution of insurance based investment
products.

Conflicts of interests may lead to severe consumer detriment. Consumer
protection is one of EIOPA's key objectives.
You can read the consultation paper here (Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html ).


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EIOPA published its Work Programme 2015 and Multi Annual Work Programme 2015-17

EIOPA's Multi-Annual Work Programme 2015-2017 (Link:
https://eiopa.europa.eu/about-eiopa/work-programme/multi-annual-work-programme-2015-2017/index.html
) establishes where the focus of the Authority's work lies. It links the
specific annual and multi-annual products and services of the Authority to
its overall strategic goals:
to ensure transparency, simplicity, accessibility and fairness across the
internal market for consumers; to lead the development of sound and
prudent regulations supporting the EU internal market; to improve the
quality, efficiency and consistency of the supervision of EU insurers and
occupational pensions;to identify, assess, mitigate and manage risks and
threats to the financial stability of the insurance and occupational
pensions sectors; and EIOPA to act as a modern, competent and professional
organisation, with effective governance arrangements, efficient processes
and a positive reputation.





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