Today, the European Insurance and Occupational Pensions Authority (EIOPA) published its 2018 Insurance Stress Test Recommendations.The Recommendations consider the risks and vulnerabilities identified through the findings of the 2018 Insurance Stress Test and are addressed to the National Competent Authorities (NCAs). As a first step, EIOPA analysed the 2018 Insurance Stress Test results at individual group level and, as a second step categorised the Recommendations. For more information please see the press release and the Recommendations. Let's block ads! (Why?)
The European Insurance and Occupational Pensions Authority (EIOPA) published today Decisions to revise the following three Pension Registers: The three revised Pension Registers will accommodate changes required by the implementation of the IORP II Directive. The latter has come into force on 13 January 2019. Furthermore, the updates aim to provide up-to-date information as well as to improve the implementation of the Directive and the on-going maintenance of the Registers.The Register of IORPs Prudential Provisions consists of updating the references to IORP II. This Decision replaces the European Commission Delegated Regulation (EU) 643/2014. The amendments linked with the Register of IORPs aim:To simplify the requested information and allow for its use in the assessment of completeness of IORPS future reporting;To fully present the national level regardless of the size of the IORP and to eliminate the exemption for small IORPs;To define the scope of the process and responsibilities to improve the accuracy, consistency and timeliness of the information provided by the Register.For the improvement of the Database on Pension Plans and Products in the EEA EIOPA reviewed the provisions included in the database, revised the requested information, redefined the process for updates and reviews, reconsidered the process for the provision of quantitative data and will improve the presentation via its Website.The Decisions approved by EIOPA's Board of Supervisors should be implemented by 1 January 2020. BackgroundThe IORP II Directive (Article 59) requires for a Register of IORPs Prudential Provisions. Subject to Article 9 of the IORP II Directive as well as of Article 8 of EIOPA's Regulation EIOPA is obliged to publish a Register on IORPs.Also in accordance with Article 8 of the EIOPA's Regulation EIOPA compiles the Database of Pension Plans and Products to provide easily accessible information. The Database is a unique source for the provision a comprehensive snapshot of the European pensions' landscape and pensions systems.Let's block ads! (Why?)
The European Insurance and Occupational Pensions Authority (EIOPA) welcomed today's adoption by the European Parliament of the Regulation introducing a Pan-European Pension Product, the PEPP. Gabriel Bernardino, Chairman of EIOPA said: "This Regulation is an important first step towards giving European citizens an alternative sustainable product to help closing the retirement savings gap. EIOPA, together with the national competent authorities, will ensure timely implementation and consistent application across the European Union. "Let's block ads! (Why?)
The European Supervisory Authorities (ESAs) published today additional questions and answers (Q&A) on the Key Information Document (KID) requirements for Packaged Retail and Insurance-based Investment Products (PRIIPs) laid down in the European Commission's Delegated Regulation (EU) 2017/653. The Q&A seek to promote common supervisory approaches and practices based on ongoing work to monitor the application of the KID. They supplement existing guidance materials published by the ESAs and can be found in this consolidated Q&A document.Stakeholders are invited to submit any new questions to the following address [email protected] information on the PRIIPs KID can be found via the following link.Let's block ads! (Why?)
Today, the European Insurance and Occupational Pensions Authority (EIOPA) published its Discussion Paper on "Systemic Risk and Macroprudential Policy in Insurance"This Discussion Paper builds on the series of previously published three papers that laid down its policy stance, namely on "Systemic risk and macroprudential policy in insurance", "Solvency II tools with macroprudential impact", and "Other potential macroprudential tools and measures to enhance the current framework". All Papers aim at contributing to the debate on systemic risk and macro-prudential policy in insurance ensuring the reflection of the specific nature of the insurance business. In developing its policy stance, EIOPA followed a systematic approach addressing the following questions in a sequential way:Does insurance create or amplify systemic risk?If yes, what are the tools already existing in the Solvency II framework, and how do they contribute to mitigate the sources of systemic risk?Are other tools needed, and, if yes, which ones could be promoted? EIOPA aims at turning the work done into a specific policy proposal for additional macroprudential tools or measures, where relevant and possible as part of the Solvency II Review. For this purpose, and in order to gather the views of stakeholders, EIOPA is publishing this Discussion Paper on systemic risk and macroprudential policy in insurance, paying special attention to potential new tools and measures, particularly to the tools that are part of the recent European Commission's Call for Advice to EIOPA in relation to the Solvency II Review. The Discussion Paper is open for comments until 30 April 2019 and can be viewed here. Stakeholders should submit feedback by using the provided template and via following email address: [email protected]'s block ads! (Why?)
At its meeting on 27 March 2019 the Board of Supervisors of the European Insurance and Occupational Pensions Authority (EIOPA) elected, effective immediately, Sergio Álvarez Camiña as a new member of EIOPA's Management Board. Sergio Álvarez Camiña is Director General for Insurance and Pensions Funds at the Directorate General Insurance and Pensions Funds (DGSFP) of the Spanish Ministry of Economy and Business.The Management Board, chaired by EIOPA's Chairman, Gabriel Bernardino, ensures that EIOPA carries out its mission and performs the tasks assigned to it in accordance with its Regulation. The members of the Management Board are elected for a period of two-and-a-half years, which can be extended once. The Management Board now consists of:Gabriel Bernardino, Chairman of EIOPASergio Álvarez Camiña, Director General for Insurance and Pensions Funds at the Ministerio de Economía y Empresa, Spain Frank Grund, Chief Executive Director of Insurance and Pensions Funds Supervision at the Federal Financial Supervisory Authority (BaFin), Germany Jean Hilgers, Member of the Board of Directors at the Nationale Bank van België/Banque Nationale de Belgique (NBB), Belgium Patrick Montagner, First Deputy Secretary General at Autorité de contrôle prudentiel et de résolution (ACPR), FranceZuzana Silberová, Executive Director of the Financial Market Supervision Department, Czech National Bank, Czech Republic Olaf Sleijpen, Director of the Supervision Policy Division of De Nederlandsche Bank (DNB), The NetherlandsLet's block ads! (Why?)
The European Supervisory Authorities (ESAs) submitted a letter to the European Commission on the draft regulatory technical standards to amend the Delegated Regulation covering the rules for the Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs).The amendment clarifies the application of the KID to investment funds where these are offered as underlying investment options to a PRIIP (so-called "multi-option products" or "MOPs"). The amendment follows a recent decision by the European co-legislators to defer the application of the KID to these investment funds by two years from the end of this year until the start of 2022. The aim of the ESAs' proposal is to provide, in good time, legal certainty to market participants before the expiry of the current provision in the PRIIPs Delegated Regulation at the end of 2019.Before the draft Regulatory Technical Standards (RTS) become binding, they need to be endorsed by the European Commission followed by a period of scrutiny by the European Parliament and the Council. Let's block ads! (Why?)