The European Insurance and Occupational Pensions Authority (EIOPA) has identified some required amendments to the Implementing Technical Standard on the templates for the submission of information to the supervisory authorities (ITS on Reporting) and in the Implementing Technical Standard with regard to the procedures, formats and templates of the solvency and financial condition report (ITS on Disclosure).
As a result, these amendments concern the Implementing Technical Standards, the Guidelines on Reporting for Financial Stability Purposes and the Guidelines on the Supervision of Branches of Third-Country Insurance Undertakings.
Some of the amendments have an impact on the Solvency II XBRL Taxonomy, namely the governance of Taxonomy releases.
It is of utmost importance that the release of the Taxonomy planned for July 2017 and the legal basis are fully aligned.
Read more at: http://bit.ly/2oFmEPp
This announcement is in response to a European Insurance and Occupational Pensions Authority (EIOPA) consultation on the potential harmonisation of frameworks for insurers.
The lobby group said in its position paper that Solvency II already allows early intervention when either the Minimum Capital Requirement (MCR), or the Solvency Capital Requirement (SCR) are breached, and that this is sufficient.
It states: “Insurance Europe believes it is important to reiterate that Solvency II already provides several safeguards that…
Continue Reading “Solvency II means no need for new EU insurance framework” at The Actuary
The European Insurance and Occupational Pensions Authority (EIOPA) has published a work plan outlining the strategic direction of its activities over the next three years, from 2017 to 2019.
The strategy is set out in a single programming document (SPD), developed in accordance with European Commission requirements to enhance consistency and comparability across European Union bodies.
The SPD specifies the tasks EIOPA is mandated, and required, to undertake, as well as its strategic objectives and pensipriorities for 2017.
Continue Reading “EIOPA sets out strategic direction of activities for next three years” at The Actuary News
Rushed changes to the ultimate forward rate (UFR) could risk pushing insurers towards sub-optimal investment strategies, which could unnecessarily impact policyholders’ returns negatively, according to Insurance Europe, the European insurance and reinsurance federation.
It says that it is unnecessary to change the UFR before the Solvency II review stressing that the current framework has several additional layers of protection in place already to make sure policyholder claims will be paid.
On possible changes to the methodology for calculating the UFR to a European Insurance and Occupational Pensions Authority meeting, Insurance Europe said there is no need for changing it either for prudential or policyholder protection reasons.
Continue Reading “Solvency II changes may threaten investment returns for policyholders” at Intelligent Insurer
A developing row over how discount rates are set has reminded European insurers that Solvency II relies on a political deal – and that political deals can be broken.
To make the directive possible, European policy-makers negotiated a compromise to soften the effect of a market-based regime on certain pockets of the industry – taking the form of the matching adjustment, volatility adjustment and transitional measures.
Few would suggest reversing any of those, but the European Insurance and Occupational Pensions Authority (Eiopa) is proposing changes to how the directive’s ultimate forward rate (UFR) is calculated – an idea that is proving highly controversial.
Continue Reading “The fault lines in Europe’s Solvency II compromise” at Risk.net
The European Insurance and Occupational Pensions Authority (EIOPA) published its June 2016 report on financial stability in the (re)insurance and occupational pension fund sectors of the European Economic Area.
EIOPA observed an ongoing “extremely challenging macro-economic and financial environment”.
Monetary policy and low crude oil prices imply a protracted low yield environment in the short- to medium-term. In this environment, the “double-hit” scenario cannot be ruled out.
Both risks – low yields and a “double-hit” – will be in the focus of EIOPA’s Insurance Stress Test 2016.
Continue Reading “EIOPA updates on the financial stability risks” at All About Insurance news
The EU’s insurance watchdog, the European Insurance and Occupational Pensions Authority, has named Italian regulator Fausto Parente as its new Executive Director, EIOPA said on Thursday.
Parente is currently head of supervisory regulation and policy at national and international level at Italian insurance watchdog IVASS.
His LinkedIn page shows he has spent more than 20 years in insurance oversight.
Parente replaces Spaniard Carlos Montalvo, who is due to step down in March when his first term of office ends.
EIOPA has worked to develop risk capital rules for the insurance sector, known as Solvency II, which came into force at the beginning of this year and expected to…
Continue Reading “EU insurance watchdog names Italy’s Parente as new exec” at Reuters News
(i) The Central Bank Publishes the Final Guidelines for the Preparation of Solvency II
On 4 November 2013, the Central Bank published its final Guidelines on Preparing for Solvency II (the “Guidelines”).
This follows the European Insurance and Occupational Pensions Authority (“EIOPA“)’s publication of their final Guidelines for the Preparation of Solvency II on 27 September 2013.
The Central Bank’s Guidelines closely reflect EIOPA’s Guidelines and are linked to the Central Bank’s PRISM risk-based supervisory framework.
The objective of the Guidelines is to allow effective and meaningful preparation for Solvency II, so that when Solvency II is applicable, it can be fully complied with.
Continue Reading “The Central Bank Publishes the Final Guidelines for the Preparation of Solvency II” at Mondaq News