Various amendments to the Solvency II Delegated Regulation ((EU) 2015/35) and to the Insurance Distribution Directive Delegated Regulations ((EU) 2017/2358 and (EU) 2017/2359) have been published in the Official Journal of the European Union so that sustainability requirements can be introduced into the Solvency II and the insurance distribution regimes in the European Union.
The
The European Insurance and Occupational Pensions Authority (EIOPA) has published a report called ‘Artificial intelligence governance principles: towards ethical and trustworthy artificial intelligence in the European insurance sector’.
The report has been written in the context of the proliferation in the use of artificial intelligence (AI) in insurance and
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a consultation on the Interbank Offered Rates (IBOR) transitions. Across markets, IBOR is being replaced by risk-free rates.
The consultation considers adjustments to EIOPA’s risk-free rate (RFR) methodology and production, in light of If the EU Benchmark Regulation (which
The European Commission has adopted a series of delegated regulations that help to drive investors towards more sustainable economic activities. The measures are part of the European Green Deal. The adopted delegated regulations are part of a suite of sustainability measures adopted at the same time including the EU Taxonomy Climate Delegated Act and the
The European Insurance and Occupational Pensions Authority (EIOPA) has published an opinion on the use of climate change risk scenarios in insurance undertakings’ Own Risk and Solvency Assessment (ORSA). The opinion has been written to help supervisory authorities understand EIOPA’s expectations in terms of climate risk scenarios included in the ORSA.
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a consultation on value for money risk in the European unit-linked insurance market. EIOPA has previously expressed concern that while unit-linked products can offer important benefits for policyholders, costs for some products remain too high.
The low interest rate environment, in addition to market shocks
On 8 April 2021, the European Insurance and Occupational Pension Authority (EIOPA) published a single rulebook online containing requirements under the Insurance Distribution Directive ((EU) 2016/97).
The single rulebook covers the Insurance Distribution Directive, the Delegated Regulation (EU) 2017/2358) (on product governance and oversight), Delegated Regulation (EU) 2019/1935 (requirements relating to insurance-based investment products) and
Group insurance contracts are widely used in the German market for a variety of insurance classes, such as payment protection insurance, guarantee insurance and travel insurance. They are concluded by one policyholder to provide insurance cover for a number of beneficiaries that either automatically join the contract (e.g., because they are employees of a certain
The European Commission has published a summary report on its consultation on the review of the Solvency II Directive (2009/138/EC). The summary report sets out the feedback received during the consultation which was run between July and October 2020. The Commission does not include the Commission’s responses to feedback.
The Commission will consider the feedback
On 28 January 2021, the European Insurance and Occupational Pensions Authority (EIOPA) launched a consultation on what is known as ‘open insurance’, namely the access to, and sharing of, insurance-related data.
EIOPA has also published a discussion paper in which it considers whether and the extent to which insurance value chains can be