EIOPA publishes the final Guidelines for the preparation of Solvency II

The European Insurance and Occupational Pensions Authority (EIOPA)
published today the final Guidelines for the preparation of Solvency II.
The Guidelines were finalized following the public consultation earlier
this year, during which EIOPA received over 4000 comments.

With its Guidelines EIOPA intends to significantly increase preparedness of
both supervisors and insurers for Solvency II once the new framework is
applicable. The Guidelines aim to ensure that National Competent
Authorities (NCAs), insurance companies and groups take active steps
towards implementing certain key elements of Solvency II in a consistent
and convergent way. It is up to NCAs to decide how best to incorporate the
Guidelines into their national regulatory or supervisory framework. The
Guidelines foresee a gradual application through "phasing-in"
provisions (i.e. different expectations for 2014 and 2015).

EIOPA Guidelines cover a number of key areas of Solvency II: system of
governance, including risk management; forward looking assessment of the
undertaking's own risk (based on the Own Risk and Solvency Assessment
(ORSA) principles); submission of information to NCAs; pre-application for
internal models.

EIOPA envisages issuing the Guidelines in all the official EU languages on
31 October 2013 with the application date of 1 January 2014. The NCAs will
report to EIOPA about their compliance or intention to comply within 2
months after the Guidelines' issuance. The NCAs are required to submit a
progress report to EIOPA on the Guidelines' implementation in February
2015.

Gabriel Bernardino, Chairman of EIOPA, said: "I would like to thank all
the stakeholders for their valuable input during the public consultation.
Their comments and suggestions helped us to refine the content and achieve
a better balanced approach to the preparatory phase. Together we have
made a decisive step towards Solvency II!

The move towards a risk-based supervisory system like Solvency II presents
a number of important challenges to undertakings and supervisors. These
Guidelines are a key step in order to ensure that preparation will be done
in a consistent manner for the benefit of the internal market, industry
and consumers".

The consultation reports for the Guidelines together with the individual
feedback on each comment can be found on EIOPA website:
https://eiopa.europa.eu/consultations/consultation-papers/2013-closed-consultations/march-2013/guidelines-on-preparing-for-solvency-ii/index.html
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/2013-closed-consultations/march-2013/guidelines-on-preparing-for-solvency-ii/index.html
)


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EIOPA CONFERENCE 2013 (20 November 2013, Frankfurt/Main) - Register now!

The European Insurance and Occupational Pensions Authority (EIOPA) is
pleased to announce that registration to its annual conference is now
open!


When20 November 2013
9:45 – 18:30 hWhereCongress Center Messe FrankfurtPanel
sessions"Strategic Vision – Risks and opportunities for the future of
Life Insurance and Pensions"
"Pensions – Towards an EU framework"
"Solvency II – On your mark, get set, go"Key note speechesDr. Thomas
Steffen; State Secretary, Federal Ministry of Finance, Berlin
Michel Barnier; Commissioner in charge of the Internal market and Services,
European Commission

You can view the full programme here (Link:
https://eiopa.europa.eu/conferences-events/2013/eiopa-conference-2013/programme/index.html
). For further information please visit the conference website
(Link:
https://eiopa.europa.eu/conferences-events/2013/eiopa-conference-2013/index.html
).

Yours sincerely,
Florian Ouillades
on behalf of Gabriel Bernardino (Chairman EIOPA)


This newsletter was sent to you by:

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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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Public event of the EU-U.S Dialogue Project to be held on 14 December 2013 in Washington

The Steering Committee of the EU-U.S. Dialogue Project will host a public
event on Saturday, 14 December 2013 ahead of the NAIC Fall National
Meeting in Washington, D.C. The event will be held at the Washington
Marriott Wardman Park Hotel from 9:00 a.m. – 12:00 p.m. Eastern Standard
Time.

The purpose of the public event is to launch the initiatives set out in the
EU-U.S. Dialogue Project: The Way Forward document on best practices/
experiences of cooperation and coordination in supervisory colleges. The
event will also provide an opportunity for attendees to learn about the
current activities and future work plan for the EU-U.S. Dialogue Project.
Representatives of the NAIC, FIO, the European Commission, and EIOPA will
lead the forum. Additional information will be posted as available.
Registration for the event will be conducted by the NAIC.

About the EU-U.S. Dialogue Project: The Project started in early 2012, when
the European Commission (EC), EIOPA, the US National Association of
Insurance Commissioners (NAIC) and the Federal Insurance Office of the
U.S. Department of the Treasury (FIO) agreed to participate in a deeper
dialogue project (Project) to contribute to an increased mutual
understanding and enhanced cooperation between the EU and the U.S. to
promote business opportunity, consumer protection and effective
supervision.

Further information about the EU-U.S. Dialogue Project can be found at:

http://www.naic.org/committees_g.htm (Link:
http://www.naic.org/committees_g.htm )
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/EU_US_Dilaogue_Project_Factual_Report.pdf
(Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/EU_US_Dilaogue_Project_Factual_Report.pdf
)



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Fax: +49 69 951119-19

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https://eiopa.europa.eu

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SAVE-THE-DATE: 20 November 2013 - EIOPA Conference

Dear Sir or Madam,

EIOPA has the pleasure to announce its 3rd Annual Conference, which will be
held on 20 November 2013 in Frankfurt am Main (Germany).

The EIOPA Conference 2013 will include keynote speeches by Commissioner
Michel Barnier and the German State Secretary Dr Thomas Steffen as well as
three panel discussions entitled as follows:


"Strategic Visions for life-insurance and pensions"
"Pensions - Towards an EU framework"
"Solvency II - On your mark, get set, go"

Invited speakers and representatives will provide participants once more
with a wealth of expertise and in-depth analysis. We are confident that
this year's conference represents a perfect opportunity for very
interesting and dynamic dialogues between the financial services industry,
experts from the EU institutions, consumer representatives, legal and
financial consultants, academics and national supervisory authorities of
the European Community.

The detailed programme and registration details will be circulated in due
course. In the meantime, should you have any questions, please do not
hesitate to contact us at EIOPAConference{at}eiopa.europa.eu
(Link: EIOPAConference@eiopa.europa.eu ).

We look forward to inspiring discussions and networking opportunities in
the dynamic setting of the 16th EURO FINANCE WEEK.

Yours sincerely,
Florian Ouillades
on behalf of Gabriel Bernardino (Chairman EIOPA)


This newsletter was sent to you by:

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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 publishes Report on Market Developments in cross-border IORPs

The European Insurance and Occupational Pensions Authority (EIOPA) has
published today its 2013 Report on Market Developments in cross-border
IORPs.

The report provides a general overview of the developments in cross-border
arrangements of institutions for occupational retirement provision (IORPs)
for the period June 2012-June 2013.

The results of the report show that during the reporting period 2 new
cross-border IORPs have been reported and 4 cross-border IORPs were
withdrawn. Therefore, in total, there was a slight decrease in the number
of IORPs operating cross-border to 82 from 84 in 2012.

The number of home states (the countries in which the IORP has its
registered office and/or its main administration) did not change comparing
to 2012 and remains 9.

The number of host states (the countries whose social and labour law is
relevant to the field of occupational pension) has decreased by 3 to 19.
In general across the European Economic Area 11 countries are not in the
list of host states.

The current publication is the 7th report in a series on market
developments in cross-border IORPs, which were produced first by CEIOPS
and later on by EIOPA.

The text of this report can be viewed on the EIOPA website:
https://eiopa.europa.eu/publications/reports/index.html (Link:
https://eiopa.europa.eu/publications/reports/index.html )


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Fax: +49 69 951119-19

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EIOPA publishes results of Peer Reviews on Internal Models

The European Insurance and Occupational Pensions Authority (EIOPA)
published today the final report on the results of its two peer reviews on
internal models.
The purpose of the peer reviews was to assess the practices of supervisors
and colleges related to the review of internal models during the
pre-application process. Both peer reviews cover supervisory practices in
24 Member States.
Differences of supervisory practices in the pre-application process of
internal models were identified in the following important areas:
interpretation of the requirements; the philosophies underpinning how to
review models, the use of proportionality as well as the organisation and
expectations of on-site visits.
The Report summarises best practices in the areas of communication,
reviews, planning, pre-application packages, training and colleges of
supervisors and outlines a number of recommendations addressed to NSAs and
EIOPA.
In a next step EIOPA will ensure a proper follow-up to the recommendations
as well as the best practices.
The Report can be viewed here (Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/EIOPA-RP-13-096a_Peer_Review_IntMod_Final_Report_web.pdf
)


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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First EU study on the financial situation of pension funds

EIOPA published today the first EU study on the financial situation of
pension funds. The results show that the holistic balance sheet approach
benefits the protection of current and future generations. And the
outcomes reinforce the need to continue working towards a
market-consistent and risk-based regulatory regime in Europe.

The study was undertaken at the request of the European Commission to
inform stakeholders on the quantitative impact of the different options
for the holistic balance sheet approach put forward in EIOPA's Advice on
the Review of the IORP Directive.

Click here (Link:
https://eiopa.europa.eu/press-room/press-releases/index.html ) to the
press release, the final report of the QIS and the Discussion Paper to
improve the technical specifications for the valuation of sponsor support.

Together with the QIS final report EIOPA has published a Discussion Paper
to improve the technical specifications for the valuation of sponsor
support. Stakeholders are invited to provide feedback to this discussion
paper by 31 October 2013.


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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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