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This newsletter was sent to you by:
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donderdag 11 december 2014
donderdag 4 december 2014
EIOPA delivers a Common Application Package for Internal Models
The European Insurance and Occupational Pensions Authority (EIOPA)
published today the Common Application Package (CAP) for Internal Models.
The package aims to promote consistent supervisory practices for the
application processes related to internal models. It will help insurers to
understand the granularity of documentation and evidence that is required
for the formal application process. It can be used as well during the
pre-application, in order to prepare for a future application.
Gabriel Bernardino, Chairman of EIOPA, said: "We developed the Common
Application Package for Internal Models in order to foster consistent
supervisory practices and ensure the level playing field in the internal
market for the ultimate benefit of the EU undertakings and consumers".
The package contains the Excel template and the Explanatory Note with
instructions on how to fill in the template.
The CAP follows up on EIOPA Opinion on the Use of a Common Application
Package for Internal Models issued in March 2014. According to this
Opinion, national supervisors should recommend undertakings to use the
package to organise the documentation needed to demonstrate compliance
with the requirements relevant to the use of internal models.
The package can be viewed on EIOPA's website (Link:
https://eiopa.europa.eu/publications/standards-and-more/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.
published today the Common Application Package (CAP) for Internal Models.
The package aims to promote consistent supervisory practices for the
application processes related to internal models. It will help insurers to
understand the granularity of documentation and evidence that is required
for the formal application process. It can be used as well during the
pre-application, in order to prepare for a future application.
Gabriel Bernardino, Chairman of EIOPA, said: "We developed the Common
Application Package for Internal Models in order to foster consistent
supervisory practices and ensure the level playing field in the internal
market for the ultimate benefit of the EU undertakings and consumers".
The package contains the Excel template and the Explanatory Note with
instructions on how to fill in the template.
The CAP follows up on EIOPA Opinion on the Use of a Common Application
Package for Internal Models issued in March 2014. According to this
Opinion, national supervisors should recommend undertakings to use the
package to organise the documentation needed to demonstrate compliance
with the requirements relevant to the use of internal models.
The package can be viewed on EIOPA's website (Link:
https://eiopa.europa.eu/publications/standards-and-more/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 3 december 2014
EIOPA published a fact finding report on pensions decumulation (pay-out) phase practices
The European Insurance and Occupational Pensions Authority (EIOPA)
published a fact finding report on the current practices of pension scheme
arrangements in the EEA regarding the decumulation (pay-out) phase.
The report outlines current rules, practices, approaches and options in EEA
countries available to members of institutions for occupational retirement
provision (IORPs) when entering or during the decumulation (pay-out)
phase. In addition, the report touches upon practices of non-IORP types of
pension arrangements.
Key findings:
(1) Lump sum payments are very popular
The fact finding exercise found that annuities and lump sum payments are
the most prevalent pay-out option for pensions.
Half of the jurisdictions covered by this exercise allow IORPs to let
members choose a pension product or provider when entering the
decumulation phase. However, very few IORPs offer professional advice on,
for example, annuities.
(2) Information, costs and charges
The type and level of mandatory and conditional information to be provided
to members of IORPs when entering the decumulation phase varies widely and
is mostly determined by the specificities of the particular workplace
pension regime.
Similarly, the types of costs and charges on pension payments, as well as
the regulation on cost and charges, like for example cost caps, differ
significantly among countries.
(3) Aged between 60 and 65, heading towards 67
Currently most jurisdictions envisage starting paying out pensions when
aged between 60 and 65, but a growing number of countries are changing
regulation towards a pension age of 67 or more.
Click here (Link:
https://eiopa.europa.eu/publications/reports/index.html )to read the
EIOPA's Fact Finding Report on Decumulation Phase 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
---
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.
published a fact finding report on the current practices of pension scheme
arrangements in the EEA regarding the decumulation (pay-out) phase.
The report outlines current rules, practices, approaches and options in EEA
countries available to members of institutions for occupational retirement
provision (IORPs) when entering or during the decumulation (pay-out)
phase. In addition, the report touches upon practices of non-IORP types of
pension arrangements.
Key findings:
(1) Lump sum payments are very popular
The fact finding exercise found that annuities and lump sum payments are
the most prevalent pay-out option for pensions.
Half of the jurisdictions covered by this exercise allow IORPs to let
members choose a pension product or provider when entering the
decumulation phase. However, very few IORPs offer professional advice on,
for example, annuities.
(2) Information, costs and charges
The type and level of mandatory and conditional information to be provided
to members of IORPs when entering the decumulation phase varies widely and
is mostly determined by the specificities of the particular workplace
pension regime.
Similarly, the types of costs and charges on pension payments, as well as
the regulation on cost and charges, like for example cost caps, differ
significantly among countries.
(3) Aged between 60 and 65, heading towards 67
Currently most jurisdictions envisage starting paying out pensions when
aged between 60 and 65, but a growing number of countries are changing
regulation towards a pension age of 67 or more.
Click here (Link:
https://eiopa.europa.eu/publications/reports/index.html )to read the
EIOPA's Fact Finding Report on Decumulation Phase 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.
EIOPA publishes its third Consumer Trends Report.
Click here (Link:
https://eiopa.europa.eu/press-room/press-releases/index.html )to read the
press release
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.
https://eiopa.europa.eu/press-room/press-releases/index.html )to read the
press release
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.
EIOPA publishes the outcome of the public consultation related to the first set of the draft Guidelines for Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA)
published today the Final Reports on the public consultation related to
the first set of the draft Guidelines for Solvency II.
These Guidelines are complementing the first set of Implementing Technical
Standards, in particular with respect to Pillar I. They cover different
Solvency II areas: own funds; the standard formula SCR; technical
provisions; group solvency; internal models; ORSA and governance;
supervisory review process; equivalence.
EIOPA intends to issue the Guidelines in all the official EU languages in
the first quarter of 2015. Afterwards the National Competent Authorities
(NCAs) will need to confirm to EIOPA within 2 months their compliance or
intention to comply with these Guidelines.
Click here (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2014-closed-consultations/june-2014/public-consultation-on-the-set-1-of-the-solvency-ii-guidelines/index.html
)to view the Final Reports containing the draft Guidelines as well as the
impact assessment and the resolution of 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.
published today the Final Reports on the public consultation related to
the first set of the draft Guidelines for Solvency II.
These Guidelines are complementing the first set of Implementing Technical
Standards, in particular with respect to Pillar I. They cover different
Solvency II areas: own funds; the standard formula SCR; technical
provisions; group solvency; internal models; ORSA and governance;
supervisory review process; equivalence.
EIOPA intends to issue the Guidelines in all the official EU languages in
the first quarter of 2015. Afterwards the National Competent Authorities
(NCAs) will need to confirm to EIOPA within 2 months their compliance or
intention to comply with these Guidelines.
Click here (Link:
https://eiopa.europa.eu/consultations/consultation-papers/2014-closed-consultations/june-2014/public-consultation-on-the-set-1-of-the-solvency-ii-guidelines/index.html
)to view the Final Reports containing the draft Guidelines as well as the
impact assessment and the resolution of 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.
dinsdag 2 december 2014
EIOPA launches public consultation on the Solvency II Standards and Guidelines
The European Insurance and Occupational Pensions Authority (EIOPA) launched
today a public consultation on the second set of draft Implementing
Technical Standards (ITS) and Guidelines for Solvency II.
With this EIOPA enters the final regulatory phase of Solvency II.
Preparation of the Standards is required by the EU law with the aim to
define forms, templates and procedures for specific areas under Solvency
II. EIOPA Guidelines ensure common, uniform and consistent application of
the new regime. The Guidelines reflect EIOPA's prudential choice to
address in a harmonised manner fundamental objectives of Solvency II, such
as risk-based capital requirements, reporting and disclosure.
The set of ITS and Guidelines covers different areas from all the three
Solvency II pillars. In terms of the third pillar, the set contains the
reporting package, which since its first release in July 2012, has been
updated in accordance with the Omnibus II Directive and the Solvency II
Implementing Measures.
The public consultation will end on 2 March 2015. Please note that comments
submitted after the deadline or not submitted on the provided template
cannot be processed.
All the relevant documentation can be found 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.
today a public consultation on the second set of draft Implementing
Technical Standards (ITS) and Guidelines for Solvency II.
With this EIOPA enters the final regulatory phase of Solvency II.
Preparation of the Standards is required by the EU law with the aim to
define forms, templates and procedures for specific areas under Solvency
II. EIOPA Guidelines ensure common, uniform and consistent application of
the new regime. The Guidelines reflect EIOPA's prudential choice to
address in a harmonised manner fundamental objectives of Solvency II, such
as risk-based capital requirements, reporting and disclosure.
The set of ITS and Guidelines covers different areas from all the three
Solvency II pillars. In terms of the third pillar, the set contains the
reporting package, which since its first release in July 2012, has been
updated in accordance with the Omnibus II Directive and the Solvency II
Implementing Measures.
The public consultation will end on 2 March 2015. Please note that comments
submitted after the deadline or not submitted on the provided template
cannot be processed.
All the relevant documentation can be found 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.
maandag 1 december 2014
EIOPA issues sound principles for crisis prevention, management and resolution
The European Insurance and Occupational Pensions Authority (EIOPA) has
published today an Opinion on Sound Principles for Crisis Prevention,
Management and Resolution Preparedness of National Competent Authorities
(NCAs). The Opinion is a follow-up to a survey* that EIOPA carried out in
2013 in order to obtain a better understanding of the current approaches
and practices across the European Union.
EIOPA notes that NCAs have been or are currently introducing changes in
their Crisis Prevention, Management and Resolution Frameworks as a result
of the financial crisis and initiatives by the international institutions
(Financial Stability Board, International Association of Insurance
Supervisors). In order to ensure consistency and adequacy of those
changes, EIOPA developed 14 principles that NCAs are expected to take into
account.
The principles are related to specific powers, tools and institutional
features aimed to enhance crisis prevention, management and resolution
preparedness of NCAs. As such, the Opinion emphasises a range of issues
including the organisational setup and the emergency plans for crisis
prevention and management, the development of recovery and resolution
plans, the need to design early warning systems and to define triggers for
intervention, as well as to have adequate resolution powers and
communication strategies in place. In the document EIOPA also stresses the
need to cooperate and share information with other relevant authorities.
Click here (Link:
https://eiopa.europa.eu/publications/eiopa-opinions/index.html )to view
the Opinion on Sound Principles for Crisis Prevention, Management and
Resolution Preparedness of National Competent Authorities (NCAs)
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.
published today an Opinion on Sound Principles for Crisis Prevention,
Management and Resolution Preparedness of National Competent Authorities
(NCAs). The Opinion is a follow-up to a survey* that EIOPA carried out in
2013 in order to obtain a better understanding of the current approaches
and practices across the European Union.
EIOPA notes that NCAs have been or are currently introducing changes in
their Crisis Prevention, Management and Resolution Frameworks as a result
of the financial crisis and initiatives by the international institutions
(Financial Stability Board, International Association of Insurance
Supervisors). In order to ensure consistency and adequacy of those
changes, EIOPA developed 14 principles that NCAs are expected to take into
account.
The principles are related to specific powers, tools and institutional
features aimed to enhance crisis prevention, management and resolution
preparedness of NCAs. As such, the Opinion emphasises a range of issues
including the organisational setup and the emergency plans for crisis
prevention and management, the development of recovery and resolution
plans, the need to design early warning systems and to define triggers for
intervention, as well as to have adequate resolution powers and
communication strategies in place. In the document EIOPA also stresses the
need to cooperate and share information with other relevant authorities.
Click here (Link:
https://eiopa.europa.eu/publications/eiopa-opinions/index.html )to view
the Opinion on Sound Principles for Crisis Prevention, Management and
Resolution Preparedness of National Competent Authorities (NCAs)
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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