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
The European Insurance and Occupational Pensions Authority (EIOPA) has published a sensitivity analysis of climate-related transition risks in the investment portfolios of European insurers.
The report considers the current holdings by European insurers of corporate bonds and equity that relate to key climate-policy related sectors such as fossil fuel extraction (i.e. coal mining),
The European Insurance and Occupational Pensions Authority (EIOPA) has published its first annual report on administrative sanctions and other measures imposed under the Insurance Distribution Directive ((EU) 2016/97 (IDD)) by national competent authorities.
Between the implementation in October 2018 and the end of 2019 1,923 administrative sanctions or other measures were
The European Insurance and Occupational Pensions Authority (EIOPA) has published a discussion paper on non-life underwriting and pricing in light of climate change.
The discussion paper is a follow-up to the EIOPA opinion on sustainability within Solvency II (published in September 2019) in which EIOPA noted that it was common for non-life
The European Insurance and Occupational Pensions Authority (EIOPA) has published guidance on information and communication technology security governance.
The Solvency II Directive (2009/138/EC) requires that insurers and reinsurers have in place effective systems of governance. This includes systems in respect of IT security. EIOPA has developed its guidance on information and communication technology
The European Insurance and Occupational Pensions Authority (EIOPA) has published ‘EIOPA’s approach to the supervision of product oversight and governance’. The Insurance Distribution Directive ((EU) 2016/97) (IDD) contains requirements on product oversight and governance for insurance distributors. These requirements aim to ensure that customers’ interests are taken into account throughout the
The European Insurance and Occupational Pensions Authority (EIOPA) has published for consultation a draft Opinion on the supervision of the use of climate-change risk scenarios in the ORSA. The ORSA is an internal risk management assessment of all the various risks that might impact an insurer’s balance sheet and is a requirement under
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a consultation on a draft supervisory statement that seeks to promote supervisory convergence in relation to the assessment and use of risk-mitigation technique in insurance. EIOPA has concerns that divergent practices or supervisory arbitrage in this area could create an un-level playing field. The supervisory
The European Commission has published a paper setting out examples of best-practices relating to relief measures offered to the customers of financial services businesses in the COVID-19 crisis. The best-practice paper includes examples relevant to insurance.
The paper is the outcome of two roundtables including a number of participants from across the financial services industries,
On 13 July 2020, the European Commission published a notice to stakeholders on the effects of the end of the transition period after which the UK’s relationship with the EU will fundamentally change. The notice is aimed at EU (re)insurance companies and insurance distributors.
The Commission advises firms to assess the consequences of the end