lays down rules for the supervision and sanctioning of insurance distributors that dont comply with the IDD. According to Art 73 of the EIOPA Regulation referring to language arrangements, EIOPA issues its Guidelines in all EU official languages (with the exception of Irish, according to Council Regulation (EU) No 1257/2010). The IPID is a short, stand-alone document that must be clear and easy to read, written in an official EU language and readily photocopied. The methodology also offers more clarity to insurance manufacturers and distributors regarding the supervisory expectatons when addressing value for money. Data from the United Kingdom is nolonger included in datasets with reference dates after 2020. More information can be found here. The Board of Supervisors is EIOPA's main decision-making body and is composed of representatives of the relevant supervisory authority in each country. The standard format for the IPID is set out in an implementing regulation. The Solvency II Directive (Directive 2009/138/EC [recast]) was adopted in November 2009, and amended by Directive 2014/51/EU of the European Parliament and of the Council of 16 April 2014 (the so-called Omnibus II Directive"). Microsoft pseudonymizes and aggregates such data, which is used to make sure performance, security, scaling, and other services that impact the experience. Due to its simplicity, lack of an economic risk-based approach and differences in implementation across the European Union, the existing regulation needed revision. It also: The rules of the IDD apply to the sale of all insurance products. Note:The statistics on cross border activity provide aggregated data based on the Solvency II reporting template S.04.01 for life and non-life direct business. Additionally, the report presents four topical focuses, notably about the impact of rising inflation and For further information, please consult the copyright notice. Insurance and Pensions statistics; Technical information on Risk-free interest rate (RFR) term structures and symmetric adjustments; Supervisory reporting; Registers and EIOPA issues guidelines and recommendations to establish consistent, efficient and effective supervisory practices and to ensure common and consistent application of Union law. Neither EIOPA, nor the EU shall be liable for any consequence stemming from the reuse. The Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) lays down the general principles. The feedback received will be considered in the preparation of a final methodological paper to be published on EIOPA's website. To aid manufacturers of non-life insurance products developing IPIDs, EIOPA has released the following files: EIOPA has worked with the European Commission to develop an editable version of the IPID template in all official languages of the EU. Insurance groups are a natural target for cyber attacks because they possess substantial amounts of confidential policyholder data. Preparation phase. unit-linked life insurance contracts. In an early first phase, the Commission adapted the Solvency II Delegated Regulation to review the treatment of infrastructure investments and the treatment of simple, transparent and standardised (STS) securitisation. Such data may include information related to the operation of the connected experience that is needed to keep the underlying service secure, up to date, and performing as expected. The content of the IPID is set out in the text of the IDD. To achieve consistent consumer outcomes in all European markets, the methodology provides flexibility to take into account market specificities and to address emerging risks, such as EIOPA aims at laying the groundwork for an assessment of insurers financial resilience under severe but plausible cyber incident scenarios. Slovenia. Following that, EIOPA provided advice on the review of the Solvency Capital Requirement Standard Formula. During the 2020 review of Solvency II EIOPA identified several divergent practices regarding contract boundaries assessment, as presented in the analysis background document1 to EIOPAs Opinion on the 2020 review of Solvency II. EIOPA identified the need to develop these specific guidance on outsourcing to cloud service providers in the context of the analysis performed to answer the European Commission FinTech Action plan (COM(2018) 109 final) and following discussions and exchanges with stakeholders. The results show that insurers exposures to macro and market risks are currently the main concern for the insurance sector. The statistics contain aggregated country level information aboutbalance sheet, own funds, premiums, claims and expenses, asset exposures, use of transitional and LTG measures. The European Insurance and Occupational Pensions Authority (EIOPA) published today its guidance on integrating the customers sustainability preferences in the suitability assessment under the Insurance Distribution Directive (IDD). On 10 October 2014, the European Commission (EC) adopted the Delegated Regulation (Delegated Regulation (EU) 2015/35) containing implementing rules for Solvency II. Gradual reviews have been undertaken since then to ensure that the regime remains fit for purpose. The IDD sets out the information to be given to consumers before they sign an insurance contract. In case of divergence between different versions, please inform EIOPA info{at}eiopa.europa.eu about the provision in For more information, go toLegal notice. unit-linked life insurance contracts. The EIOPA Statistics section uses integration with Microsoft PowerBI which is hosted on Microsoft Azure. In 2019, EIOPA initiated the enhancement of its methodology for bottom-up stress testing with itsfirst paper on Methodological Principles of Insurance Stress Testing. ; espaol; etina; dansk; Deutsch; latvieu; lietuvi; magyar; Malti; Nederlands; polski; portugus Insurance classes; Life insurance and maximum Under the Insurance Distribution Directive (IDD), consumers will benefit from a simple, standardised insurance product information document (IPID), which aims to provide clearer information on non-life insurance products, so that consumers can make more informed decisions. EIOPA provides statistical data on insurance undertakings and groups in the EU and the European Economic Area (EEA). The key features of the Solvency II regulatory framework are: The Solvency II legislation is implemented on three levels. According to Article 32(3) of the IDD, competent authorities shall inform EIOPA of all administrative sanctions and other measures imposed, but not published in accordance with paragraph 1, including any appeal in relation thereto and the outcome thereof. The statistics contain aggregated country level information about balance sheet, own funds, premiums, claims and expenses, asset exposures, use of transitional and LTG measures. Contributions should be sent to the following email address:eiopa.stress.test@eiopa.europa.eu. Divergent practices require additional guidance to ensure a convergent During the 2020 review of Solvency II EIOPA identified several divergent practices regarding contract boundaries assessment and the valuation of best estimate, as presented in the analysis background document to EIOPAs Opinion on the 2020 review of Solvency II. The IDD does not stop Member States from keeping or introducing more stringent provisions, as long as they are consistent with the directive. WebAt the heart of the prudential Solvency II directive, the own risk and solvency assessment (ORSA) is defined as a set of processes constituting a tool for decision-making and strategic analysis. Divergent practices require additional guidance to ensure a convergent During the 2020 review of Solvency II EIOPA identified several divergent practices regarding the valuation of best estimate, as presented in the analysis background document to EIOPAs Opinion on the 2020 review of Solvency II. We also publish the symmetric The European Insurance and Occupational Pensions Authority (EIOPA) published today a Discussion Paper on Methodological Principles of Insurance Stress Testing with focus on Cyber Risk. Resilience | Outsourcing | Digitalisation | Innovation, Insurance and reinsurance stakeholder group, Packaged retail and insurance-based investment products (PRIIPs), Pan-European Personal Pension Product (PEPP), Union-wide strategic supervisory priorities, Common benchmarks for supervisory practices, Cyber operational resilience and cyber insurance, Register of Institutions for Occupational Retirement Provision, Database of pension plans and products in the EEA, List of Internationally Active Insurance Groups (IAIGs) in the EU, Behavioural insights in insurance and pensions supervision, Dashboard on insurance protection gap for natural catastrophes, Revised Guidelines on Contract Boundaries, Revised Guidelines on Valuation of Technical Provisions, Final Reports on the revision of EIOPA Guidelines on Contract Boundaries and Guidelines on the Valuation of Technical Provisions, Revised Guidelines on Legal Entity Identifier, Guidelines on information and communication technology security and governance, Guidelines on outsourcing to cloud service providers, Joint guidelines on cooperation and information exchange, establishing colleges of anti-money laundering and countering the financing of terrorism (AML/CFT) supervisors, Guidelines under the Insurance Distribution Directive on Insurance-based investment products that incorporate a structure which makes it difficult for the customer to understand the risks involved, Preparatory Guidelines on product oversight and governance arrangements by insurance undertakings and insurance distributors, Joint Guidelines on the prudential assessment of acquisitions and increases of qualifying holdings in the banking, insurance and securities sectors, Guidelines on Facilitating an Effective Dialogue between Insurance Supervisors and Statutory Auditors, Guidelines on the supervision of branches of third-country insurance undertakings, Guidelines on Financial Stability Reporting, Guidelines on Own Risk Solvency Assessment (ORSA), Guidelines on the Extension of the Recovery Period, Guidelines on the implementation of the long-term guarantee measures, Guidelines on the methods for determining the market shares for reporting, Guidelines on reporting and public disclosure, Westhafenplatz 1, 60327 Frankfurt am Main. This Regulation shall neither apply to insurance intermediaries which provide insurance advice with regard to IBIPs nor to investment firms which provide investment advice that are enterprises irrespective of their legal form, including natural persons and selfemployed persons, provided that they employ fewer than three persons. The European Insurance and Occupational Pensions Authority (EIOPA) published today its Risk Dashboard based on Solvency II data from the second quarter of 2022. For information and explanation of each individual item, please refer to the QRT instruction files. No 1094/20104 EIOPA issues these In 1999, the European Commission presented its paper on "The Review of the Overall Financial Position of an Insurance Undertaking". To get a full view on the legal provisions, visit the Solvency II Single Rulebook, which provides a direct access to key regulatory and supervisory texts within the scope of EIOPAs activity. WebThe European Insurance and Occupational Pensions Authority (EIOPA) The European Securities and Markets Authority (ESMA) Compliance will be assessed through inspections (off-site and on-site), and the request of specific information - such as ICT service details, incident reporting logs, and details of implemented cyber risk defenses. WebSkip to main content. The data is essential for EIOPA to perform risk analysis at individual, horizontal and market levels in addition to other specific tasks. cyber resilience, understood as the capability of an insurance undertaking to sustain the financial impact of an adverse cyber event; cyber underwriting risk, understood as the capability of an insurance undertaking to sustain from a capital and solvency perspective the financial impact of an extreme but plausible adverse cyber scenario affecting underwritten business. These reports provides an overview of the status of the European intermediaries markets. It sets out to harmonise regulation of the insurance market across the single European market and to improve consumer protection standards. EIOPA supports the ex-post evaluation of the regulatory regime as an important element of better regulation by contributing to a rigorous, evidence-based and transparent review of Solvency II. The measures proposed aim at keeping the regime fit for purpose by introducing a balanced update of the regulatory framework, reflecting better the economic situation and completing the missing elements from the regulatory toolbox. The statistical table includes historical information. The historical data series are updated with every new statistical release. These draft ITS have since been incorporated in Commission Implementing Regulation (EU) 2017/1469 of 11 August 2017 laying down a standardised presentation format for the IPID. Directive (EU) 2016/97 the Insurance Distribution Directive (IDD) regulates how insurance products are designed and distributed in the EU. WebIt has allowed the establishment of a central repository of data on insurance and pensions markets. According to Art 73 of the Regulation of EBA, EIOPA and ESMA (the ESAs) referring to language arrangements, the ESAs issue their Guidelines in all EU official languages (with the exception of Irish, according to Council Regulation (EU) No 1257/2010). Find the answers to your questions about complying with the IDD in our QA section. More prescriptive rules apply to distributors selling insurance products that have an investment element, e.g. Swedish EIOPA has worked with the European Commission to develop an editable version of the IPID template in all official languages of the EU. Financial Supervisory Authority. Romania. Statistics and risk dashboards. Download statistical time series (2005-2015). This initiated the discussion among the European institutions, regulators and supervisors on the modernisation of the prudential framework for the supervision of insurance and reinsurance undertakings. WebGiven the ever-increasing risks of cyber attacks, the EU is strengthening the IT security of financial entities such as banks, insurance companies and investment firms. For information and explanation of each individual item, please refer to the QRT instruction files. EIOPAs mission is to protect the public interest by contributing to the short, medium and long-term stability and effectiveness of the financial system for the Union economy, its citizens and businesses. Data necessary to run the service, diagnostic dataand service generated data will be transferred to Microsoft. the main exclusions preventing claims from being made; obligations at the start of the contract and during the term of the contract; obligations in the event that a claim is made; the term of the contract, including start and end dates, and how to end the contract. Q&A aim at ensure consistent application of European regulation in all member states as well. Insurance and reinsurance stakeholder group, Packaged retail and insurance-based investment products (PRIIPs), Pan-European Personal Pension Product (PEPP), Union-wide strategic supervisory priorities, Common benchmarks for supervisory practices, Cyber operational resilience and cyber insurance, Register of Institutions for Occupational Retirement Provision, Database of pension plans and products in the EEA, List of Internationally Active Insurance Groups (IAIGs) in the EU, Behavioural insights in insurance and pensions supervision, Dashboard on insurance protection gap for natural catastrophes, Discussion Paper on Methodological Principles of Insurance Stress Testing with focus on Cyber Risk, Methodological Principles of Insurance Stress Testing, Methodological Principles of Insurance Stress Testing with a focus on Liquidity, Methodological Principles of Insurance Stress Testing with a focus on Climate Risks. As the information contained in previous releases may differ from the most recent release of historical data, the previous statistical release is available below. Direccin General de Seguros y Fondos de Pensiones. Therefore, also considering the low number of capital add-ons set since the application of Solvency II, EIOPA decided from now on to publish the information on capital add-ons through a statistical table as of 2021 year-end rather than a report. Read more about national general good provisions. This discussion paper contains a set of theoretical and practical approaches to support the design phase of potential future insurance stress tests with a focus on cyber risk. Furthermore, according to Article 36(2), competent authorities shall provide EIOPA annually with aggregated information regarding all administrative sanctions and other measures imposed in accordance with Article 31. It may also include data about service performance, device connectivity, and configuration. The three European Supervisory Authorities (EBA, EIOPA and ESMA ESAs) are publishing a Call for Evidence on greenwashing to gather input from stakeholders on how to understand the key features, drivers and risks associated with greenwashing and to collect examples of potential greenwashing practices. This is what makes it so valuable: with data an insurance company is able to offer the consumer just what they need and hopefully at just the right price. In order to acknowledge the source, manufacturers of non-life insurance products are recommended to use the following text: "Format: European Union, 2017". Products, policies and pricing are all powered by data. This allows them to compare product offers and to make informed decisions. According to Art 73 of the EIOPA Regulation referring to language arrangements, EIOPA issues its Guidelines in all EU official languages (with the exception of Irish, according to Council Regulation (EU) No 1257/2010). The files below are available in Adobe InDesign (.indd) format only and follow the layout shown in the Annex to the IPID Implementing Regulation and are consistent with the relevant colours, fonts and logos required by the Regulation itself. Insurance and reinsurance stakeholder group, Packaged retail and insurance-based investment products (PRIIPs), Pan-European Personal Pension Product (PEPP), Union-wide strategic supervisory priorities, Common benchmarks for supervisory practices, Cyber operational resilience and cyber insurance, Register of Institutions for Occupational Retirement Provision, Database of pension plans and products in the EEA, List of Internationally Active Insurance Groups (IAIGs) in the EU, Behavioural insights in insurance and pensions supervision, Dashboard on insurance protection gap for natural catastrophes, Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), Westhafenplatz 1, 60327 Frankfurt am Main. The indicators below are based on this reporting. The Opinion sets out supervisory expectations on the integration of the use of climate change scenarios by insurance undertakings in their Own Risk and Solvency Assessment ORSA. The rules of the IDD apply to the sale of all insurance products. This discussion paper contains a set of theoretical and practical approaches to support the design phase of potential future insurance stress The information includes risk-free rate term structures, fundamental spreads for the calculation of the matching adjustment and, for each relevant national insurance market, the volatility adjustments. Sweden. It crystallised the need for bringing the regulatory framework at the forefront of modern risk management, reflecting the reality of large groups operating on a cross-border basis. The Annual European Insurance Overview is published by EIOPA as an extension of its statistical services in order to provide an easy-to-use and accessible overview of the European insurance sector. WebThe PRA publishes technical information for UK insurance firms subject to Solvency II to calculate technical provisions. WebToday, the European Insurance and Occupational Pensions Authority (EIOPA) published technical information on the relevant risk free interest rate term structures (RFR) with reference to the end of March 2022 . It has entered into force in January 2016. EIOPA provided its technical advice to the European Commissionon 17 December 2020. For information and explanation of each individual item, please refer to the QRT instruction files. EIOPA publishes on a regular basis reports on the Evaluation of the Structure of Insurance Intermediaries Markets in Europe in accordance with Article 41(5) of the Insurance Distribution Directive (IDD). Statistics and risk dashboards During the 2020 review of Solvency II EIOPA identified several divergent practices regarding contract boundaries assessment, as presented in the analysis background document1 to EIOPAs Opinion on the 2020 review of Solvency II. The European Insurance and Occupational Pensions Authority (EIOPA) published today its December 2022 Financial Stability Report which sheds light on key developments and risks in the European insurance and pension sectors. Insurance Supervision Agency. Solvency II sets out requirements applicable to insurance and reinsurance companies in the EU with the aim to ensure the adequate protection of policyholders and beneficiaries. EIOPA provides statistical data on insurance undertakings and groups in the EU and the European Economic Area (EEA). In the first climate stress test of the sector, EIOPA set out to assess the resilience of IORPs against a climate change scenario that simulates a Quarterly Reports; Disclosure before 2016; Statistics; State of the Austrian Insurance Industry; Information about individual insurance classes Show subpages of: Information about individual insurance classes. lays down rules for the supervision and sanctioning of insurance distributors that dont comply with the IDD. It aims to assess, in a continuous and prospective way, the overall solvency needs related to the specific risk profile of the insurance company. The implementing technical standards are accessible via the rulebook. Westhafenplatz 1, 60327 Frankfurt am Main. The statistics provide the aggregate Solvency II values for each item in the balance sheet. Insurance and reinsurance stakeholder group, Packaged retail and insurance-based investment products (PRIIPs), Pan-European Personal Pension Product (PEPP), Union-wide strategic supervisory priorities, Common benchmarks for supervisory practices, Cyber operational resilience and cyber insurance, Register of Institutions for Occupational Retirement Provision, Database of pension plans and products in the EEA, List of Internationally Active Insurance Groups (IAIGs) in the EU, Behavioural insights in insurance and pensions supervision, Dashboard on insurance protection gap for natural catastrophes, Download statistical time series (2005-2015), Westhafenplatz 1, 60327 Frankfurt am Main. Spain. The objective of the revised Guidelines is to facilitate and further promote the use of LEI as unique identification code for legal entities. EIOPA publishes on an annual basis a report with information on the administrative sanctions and other measures imposed. In an early first phase, the Commission adapted the Solvency II Delegated Regulation to review the treatment of infrastructure investments Solvency II sets out requirements applicable to insurance and reinsurance companies in the EU with the aim to ensure the adequate protection of policyholders and beneficiaries. Rejected questions are published on EIOPA website for a period of two months. The European Insurance and Occupational Pensions Authority (EIOPA) published today aDiscussion Paper on Methodological Principles of Insurance Stress Testing with focus on Cyber Risk. The analysis confirmed that the European Commissions IRRD proposal has some common elements with the BRRD while also In 2009, a report was issued by the High-Level Group on Financial Supervision in the EU, chaired by Jacques de Larosire, echoeing the weaknesses in the supervisory and regulatory regime that contributed to the financial crisis. The IPID provides consumers with all the relevant information about a non-life insurance product. The report is based on annually reported Solvency II information. National Bank of Slovakia. The European Commission has asked EIOPA to provide technical advice for a comprehensive review of the Solvency II Directive. The European Insurance and Occupational Pensions Authority (EIOPA) is a European Union financial regulatory institution. NOTE: Manufacturers of non-life insurance products are not obliged to use these specific files and may choose instead to develop their own IPIDs that meet the requirements of the IPID Implementing Regulation. EIOPA updates representative portfolios to calculate volatility adjustments to the Solvency II risk-free interest rate term structures for 2023 and the RFR Technical Documentation 13 Dec 2022 News Regulation Since January 2016, the EU (re) insurers are governed by the Solvency II regulatory regime. 2.information requirements and conduct of business rules applicable to the distribution of insurance-based investment products. Solvency II is the prudential regime for insurance and reinsurance undertakings in the EU. Given that undertakings will be impacted by climate change-related physical and transition risks1 , EIOPA believes it is important to encourage a forward EIOPA has been delivering an Annual Report so far which included information on policies and processes followed by National Competent Authorities to set and review capital add-ons. WebDecisions from meetings and news List of entities which are not authorised by FSC,The management body of the Financial Supervision Commission hosted an official meeting with the Chairperson of the European Insurance and Occupational Pensions Authority (EIOPA),Temporary interruption in the online communications of the Financial More prescriptive rules apply to distributors selling insurance products that have an investment element, e.g. The Solvency II regulatory framework is built on a three-pillar structure: The three pillars form a coherent approach that allow to understand and to manage risks across the sector. Autoridade de Superviso de Seguros e Fundos de Penses. It must contain the following: Read EIOPAs draft implementing technical standards for the IPID. a summary of the insurance cover, including the main risks insured, the insured sum and, where applicable, the geographical scope, and a summary of the excluded risks, how to pay premiums and the duration of payments. For insurance agents (Polish only) For insurance brokers (PL, EN) Portugal. Any natural or legal person, including financial institutions, competent authorities and Union institutions and bodies can submit questions relating to the practical application or implementation of the provisions of legislative acts, associated delegated and implementing acts and EIOPAs guidelines and recommendations in the field of insurance and pensions within EIOPAs competence. Adobe InDesign was the software which was used when developing the standardised presentation format for the consumer testing and the draft ITS. Editable Template for the Insurance Product Information Document (IPID), Draft Implementing Technical Standards on the Insurance Product Information Document, Insurance and reinsurance stakeholder group, Packaged retail and insurance-based investment products (PRIIPs), Pan-European Personal Pension Product (PEPP), Union-wide strategic supervisory priorities, Common benchmarks for supervisory practices, Cyber operational resilience and cyber insurance, Register of Institutions for Occupational Retirement Provision, Database of pension plans and products in the EEA, List of Internationally Active Insurance Groups (IAIGs) in the EU, Behavioural insights in insurance and pensions supervision, Dashboard on insurance protection gap for natural catastrophes, Directive (EU) 2016/97 the Insurance Distribution Directive, product oversight and governance requirements for insurance undertakings and insurance distributors, information requirements and conduct of business rules applicable to the distribution of insurance-based investment products, IPID Consumer Testing and Design Work - Final report, imposes conduct of business and transparency rules on distributors, clarifies procedures and rules for cross-border business. WebDecisions from meetings and news List of entities which are not authorised by FSC,The management body of the Financial Supervision Commission hosted an official meeting with the Chairperson of the European Insurance and Occupational Pensions Authority (EIOPA),Temporary interruption in the online communications of the Financial See the protocols, decisions and memoranda. Changes in historical series generally stem from corrections and resubmissions from (re)insurance undertakings and groups. For information and explanation of each individual item, please refer to the QRT instruction files. For information and explanation of each individual item, please refer to the QRT instruction files. The Guidance is based on Commission Delegated Regulation (EU) 2021/1257 and aims at easing the Implementing technical standards are legislative provisions made by the European Commission on the basis of advice received from EIOPA. The crisis also showed that the EU was not sufficiently equipped to ensure effective cooperation and coordination between national financial supervisory bodies as well as a consistent application of the legal framework across all Member States. EIOPA reports annually to EU institutions on capital add-ons in accordance with Article 52 of the Solvency II Directive (to the European Parliament, the Council and the Commission). The crisis showed the importance of a harmonised understanding of the risks by all involved actors, and the need for considering wider implications for financial stability. EIOPA issues opinions, decisions and protocols to increase the convergence of supervisory practices. During the COVID-19 outbreak in 2020, EIOPA carried out extraordinary calculations in the period 24 March - 15 September 2020 to monitor the evolution of the symmetric adjustment to equity risk (ED) and to support insurance and reinsurance undertakings in the monitoring of their solvency and financial position. EIOPA accepts no responsibility or liability whatsoever resulting from the use of the information provided. Insurance and reinsurance stakeholder group, Packaged retail and insurance-based investment products (PRIIPs), Pan-European Personal Pension Product (PEPP), Union-wide strategic supervisory priorities, Common benchmarks for supervisory practices, Cyber operational resilience and cyber insurance, Register of Institutions for Occupational Retirement Provision, Database of pension plans and products in the EEA, List of Internationally Active Insurance Groups (IAIGs) in the EU, Behavioural insights in insurance and pensions supervision, Dashboard on insurance protection gap for natural catastrophes, Draft Implementing Technical Standards (ITS) on a standardised presentation format for the IPID, IPID InDesign editable templates - EU official languages.zip, Westhafenplatz 1, 60327 Frankfurt am Main. The Delegated Regulation was published in the Official Journal on 17 January 2015. The IDD is a minimum harmonising directive, and its provisions are specified by regulations. After the initial years of implementation of Solvency II the policies and processes are now mature and EIOPA did not observe changes in the last reports. Solvency II is the prudential regime for insurance and reinsurance undertakings in the EU. The European Insurance and Occupational Pensions Authority (EIOPA) published today the results of its climate stress test of European Institutions for Occupational Retirement Provisions (IORPs).. EIOPA publishes its answers to admissible questions unless such publication is in conflict with the legitimate interest of the persons concerned or involves risks to the stability of the financial system. From mid-January to end-March: EIOPA carried out technical discussions with stakeholders (Insurance Europe, AMICE, CRO Forum, CFO Forum, Actuarial Association of Europe) and participants on Over time, the regulatory framework seemed increasingly ill-suited to supervise the industry. Therefore it may be necessary for EIOPA to amend and/or update the statistical information after it has been published. General good rules are provisions which are part of hte legal system of the host country. For information and explanation of each individual item, please refer to theQRT instruction files. 1. Note that the former statistical annex to the EIOPA Financial Stability Report is no longer maintained or updated. Westhafenplatz 1, 60327 Frankfurt am Main. The IDD aims to ensure that distributors take responsibility for consumer outcomes and that the products sold meet consumers needs. According to Art 73 of the EIOPA Regulation referring to language arrangements, EIOPA issues its Guidelines in all EU official languages (with the exception of Irish, according to Council Regulation (EU) No 1257/2010). Learn more about EIOPA's first climate stress test of the European occupational pension sector. In its second staff paper, EIOPA conducted a comparative analysis of IRRD and the Bank Recovery and Resolution Directive (BRRD) to identify similarities and differences between the two legal texts. In accordance with Article 16 of Regulation (EU) No 1094/20104 EIOPA issues these Guidelines addressed to the supervisory authorities to provide guidance on how insurance and reinsurance undertakings should apply the governance requirements foreseen in Directive 2009/138/EC5 (Solvency II Directive EIOPA identified the need to develop these specific guidance on outsourcing to cloud service providers in the context of the analysis performed to answer the European Commission FinTech Action plan (COM(2018) 109 final) and following discussions and exchanges with stakeholders. EIOPA has consulted relevant stakeholders and participants during the preparation of the stress test package. EIOPA, with the support of National Competent Authorities (NCAs), has conducted a thematic review on the functioning of the EU market for credit protection insurance (CPI) products sold via banks (acting as insurance intermediaries) and how well it succeeds in delivering good consumer outcomes. Following consumer testing, EIOPA developed draft Implementing Technical Standards (ITS) on a standardised presentation format for the IPID, which were submitted to the European Commission on 7 February 2017. During the COVID-19 outbreak in 2020, EIOPA carried out extraordinary calculations in the period 24 March - 15 September 2020 to monitor the evolution of the symmetric adjustment to equity risk (ED) and to support insurance and reinsurance undertakings in the monitoring of their solvency and financial position. The first set of Solvency II Implementing Regulations laying down implementing technical standards with regard to the supervisory approval procedures for undertaking-specific parameters, ancillary own funds, matching adjustment, special purpose vehicles, internal models, and joint decision on group internal models was adopted in March 2015. Note: The statistics on transitional and LTG measures provide aggregated data based on the Solvency II reporting template S.22.01 (please see the annotated reporting templates). The three European Supervisory Authorities (EBA, EIOPA and ESMA ESAs) today published a Call for Evidence on greenwashing to gather input from stakeholders on how to understand the key features, drivers and risks associated with greenwashing and to collect examples of potential greenwashing practices.. Due to the Note: The statistics on asset exposures provide aggregated data based on the Solvency II reporting template S.06.02 (please see the annotated reporting templates). This should further enrich the bottom-up stress test toolbox with additional elements to be potentially applied in future exercises. Re-use is authorised provided the source is acknowledged. WebA society is a group of individuals involved in persistent social interaction, or a large social group sharing the same spatial or social territory, typically subject to the same political authority and dominant cultural expectations. Large insurers (groups and solos not belonging to a group that reports for financial stability purposes) report according to the Guidelines on Financial Stability Reporting (link). If you have any questions regarding these downloadable files, please do not hesitate to contact us via email. It includes EIOPA's Chairperson, representatives of the European Commission, the European Systemic Risk Board, the European Banking Authority, the European Securities Markets Slovakia. EIOPA has examined and reported on the general good rules published by Member States as referred to in Article 11(5) of the IDD. Discover its scenario, objective, scope and timeline. EIOPA supports the ex-post evaluation of the regulatory regime as an important element of better regulation by contributing to a rigorous, evidence-based and transparent review of Solvency II. The icons used in the IPID are available in .ai and .jpg format. Solvency II has a risk-based approach that enables to assess the overall solvency of insurance and reinsurance undertakings through quantitative and qualitative measures. Note: The statistics on premiums, claims and expenses provide an extract of key data items from the Solvency II template S.05.01 (please see the annotated reporting templates). The second set of Implementing Regulations was adopted later in 2015. WebInsurance classes; Reporting to the FMA; Disclosure Show subpages of: Disclosure. National supervisory authorities are required to incorporate them following a comply or explain process. The discussions took particular importance in the wake of the 2008 financial crisis. The paper elaborates on two main aspects: EIOPA invites stakeholders to share their feedback using the provided template no later than 28 February 2023. Note: The balance sheet statistics follow the Solvency II template S.02.01 (please see the annotated reporting templates). EIOPA is committed to contribute to the establishment of international data standards. This was followed by work on specific stress testing related topics such as the assessment of liquidity positions under adverse scenarios and of vulnerabilities towards climate-related risks, leading to the publication of the second paper on Methodological Principles of Insurance Stress Testing with a focus on Liquidity and the third paper on Methodological Principles of Insurance Stress Testing with a focus on Climate Risks. The latest release which included the UK is available for download below, but is no longer updated or maintained. EIOPA provided its technical advice in form of an Opinionon 17December 2020. No other personal data is collected or transferred to Microsoft. Although the majority of troubled institutions were banks, several insurers were also affected by the crisis, attributable to inappropriate investment decisions by insurers which led to significant losses, the interconnectedness with banks or, in general, evidence of poor governance, a report issued by EIOPA in July 2018 stated. Capital add-ons are to be implemented by (re)insurance undertakings following the request of national competent authorities (NCAs). Three generations of EU Directives applicable since the 1970s paved the way for an insurance market to operate on the basis of freedom of establishment and freedom to provide services within the European Union. Two delegated regulations in particular cover: 1.product oversight and governance requirements for insurance undertakings and insurance distributors On 20 September 2015, the EC adopted the Delegated Regulation 2016/467 amending Commission Delegated Regulation (EU) 2015/35 concerning the calculation of regulatory capital requirements for several categories of assets held by insurance and reinsurance undertakings. While the statistical information published on this website is based on sources considered reliable, EIOPA does not guarantee its completeness, accuracy or adequacy. The Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) is a directly applicable legislative act which does not require any additional implementation. Insurance and reinsurance stakeholder group, Packaged retail and insurance-based investment products (PRIIPs), Pan-European Personal Pension Product (PEPP), Union-wide strategic supervisory priorities, Common benchmarks for supervisory practices, Cyber operational resilience and cyber insurance, Register of Institutions for Occupational Retirement Provision, Database of pension plans and products in the EEA, List of Internationally Active Insurance Groups (IAIGs) in the EU, Behavioural insights in insurance and pensions supervision, Dashboard on insurance protection gap for natural catastrophes, Opinion on the 2020 review of Solvency II, Consultation Paper on the Opinion on the 2020 review of Solvency II, Consultation on supervisory reporting and public disclosure, Solvency II review: information request from national supervisory authorities, Complementary information request on the holistic impact assessment of the Solvency II review, Information request to insurance and reinsurance undertakings and groups - 2019, Consultation on Advice on the harmonisation of national insurance guarantee schemes, Letter to the European Commission on the amendment to background impact assessment, Westhafenplatz 1, 60327 Frankfurt am Main. EIOPA's Opinion on the Solvency II directive is part of the process to review the directive. For illustrative purposes, the templates are also available in PDF format. This discussion paper is part of a broader effort to enhance EIOPAs stress testing framework. Societies are characterized by patterns of relationships (social relations) between individuals who share a distinctive culture and This ensures that the data has a high coverage in all countries and is reported in a consistent manner across the EEA. The IDD is a minimum harmonising directive, allowing Member States to introduce additional provisions or to bring additional activities into the scope of the regulations. EIOPA may reject questions it does not intend to answer. WebGiven the ever-increasing risks of cyber attacks, the EU is strengthening the IT security of financial entities such as banks, insurance companies and investment firms. Go to this linkto download EIOPAs editable template for the IPID. Note: The own fund statistics provide an extract of key data items from the Solvency II template S.23.01 (please see the annotated reporting templates). It has entered into force in January 2016.
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