Tag Archives: European Insurance and Occupational Pensions Authority

EIOPA proposes amendments to the adopted Solvency II Technical Standards on Reporting and Disclosure

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

Solvency II means no need for new EU insurance framework

This announcement is in response to a European Insurance and Occupational Pensions Authority (EIOPA) consultation on the potential harmonisation of frameworks for insurers.that_s_all_folks__by_surrimugge-d6rfav1

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

EIOPA sets out strategic direction of activities for next three years

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. eiopa-image

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

Solvency II changes may threaten investment returns for policyholders

Rushed changes to the ultimate forward rate (UFR) could risk pushing insurers towards sub-optimal investment strategies, solvency-2-2012-web-512x288which 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

The fault lines in Europe’s Solvency II compromise

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 CA2broken.

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

EIOPA updates on the financial stability risks

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.riscos-dos-investimentos-620x427

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

European regulator launches EU-wide insurance stress test

A European pension watchdog has announced that it will conduct an EU-wide stress test of the region’s insurance companies – Untitled-11-1024x1024the first since the implementation of Solvency II.

The European Insurance and Occupational Pensions Authority (Eiopa) said the exercise has been designed to assess the resilience of the sector to “adverse market conditions”.

‘Double-hit’ scenario

The test will focus on two major risks; the impact of prolonged low interest rates and a “double-hit scenario” combining a sudden drop in asset prices with rock-bottom interest rates.

Continue Reading “European regulator launches EU-wide insurance stress test” at International Adviser

EU insurance watchdog names Italy’s Parente as new exec

Jan 28

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 cinque-terre-italy_2799614bThursday.

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

 

The Central Bank Publishes the Final Guidelines for the Preparation of Solvency II

(i) The Central Bank Publishes the Final IFGuidelines 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

Two Years to Get Solvency II Right, says Bernardino

In a speech today in Frankfurt, Gabriel Bernardino, chair of the European Insurance and Occupational Pensions Authority, said the more companies worked together ‘the more consistent preparatory work [and] the morerainbowcake efficient… full implementation of Solvency II [would be] in 2016’.

He told delegates at EIOPA’s third annual conference that the regulator would publicly consult on the technical standards and guidelines during 2014 ‘in order to deliver them in time for a good and timely implementation by the industry’.

He said the next two years should be used to actively implement measures to avoid the worst-case scenarios.

Continue Reading “Two years to get Solvency II right, says Bernardino” at The Actuary News