Solvency II and the standard formula SCR: Commission & EIOPA review – next steps

The European Commission has identified Solvency II as “one area where significant improvements could be achieved“, for example, by “simplification” and better “technical consistency“. So, when it published its Call for Advice in July 2016, the Commission asked EIOPA to look at the “proportionate and simplified application of the requirements, and removal […]

Solvency II: EIOPA on regulatory certainty, and legislative review

Like most modern European Directives, Solvency II includes a structured review process to give the legislature an opportunity to (a) check the regime’s working properly; and (b) make adjustments, if it’s not. The Solvency Capital Requirement (SCR) is due for review by 2018, and the rest of Solvency II is due […]

#IDD: EIOPA plans a series of InsurTech roundtables for 2017

When Gabriel Berndardino, the chair of the European Insurance & Occupational Pensions Authority (EIOPA) delivered the key note speech at yesterday’s  6th EIOPA Annual Conference in Frankfurt, he told delegates that, whilst there’s always been change, “the change coming from the digital era is different:  … it is not incremental; […]

#IDD: Insurance Europe responds to EIOPA’s technical advice on delegated acts – conflicts of interest & commission payments

Insurance Europe (IE) has published its response to EIOPA’s “Consultation Paper on Technical Advice on possible Delegated Acts concerning the Insurance Distribution Directive” (IDD). IE argues that, in “a number of instances“, EIOPA’s proposals “go beyond the rules set out in the IDD“. For example: On product oversight & governance, IE […]

#IDD / #IMD2: EIOPA launches online survey about future Guidelines – Quick! the deadline’s 25 September 2016!

The European Insurance & Occupational Pensions Authority (EIOPA) has launched an online survey, seeking views about the scope of, and the nature of the products that should be covered in, its Insurance Distribution Directive Guidelines “for the assessment of insurance based investment products (IBIPs) that incorporate a structure which makes it difficult for the […]

#IDD: EIOPA consults on the non-life Insurance Product Information Document required by the Insurance Distribution Directive

The European Insurance and Occupational Pensions Authority (EIOPA) has published a Consultation Paper on the proposed format of the non-life Insurance Product Information Document (IPID) required by the Insurance Distribution Directive (IDD). EIOPA has discussed the proposed IPID with the regulators of the European Union’s Member States; and it’s been the subject of 2 […]

EIOPA launches pan-EU thematic review of market conduct in the unit-linked life insurance sector

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a pan-European thematic review of market conduct in the unit-linked life insurance sector. EIOPA hopes the review will cover at least 60% of each national market, in gross written premium and unit-linked fund asset terms. EIOPA is looking for potential sources of consumer detriment, which […]