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EIOPA publishes a report on AI governance principles for the European insurance sector

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 use of Big Data in … Continue Reading

EIOPA publishes consultation on IBOR transition

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 came into force in 2018) which … Continue Reading

European Commission adopts delegated regulations that amend existing regulations to introduce greater sustainability requirements into Solvency II, MiFID and the IDD

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 … Continue Reading

EIOPA publishes opinion on the supervision of the use of climate change risk scenarios in the ORSA

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. Solvency II requires that … Continue Reading

EIOPA consults on a framework to address value for money risk in the European unit-linked market

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 … Continue Reading

EIOPA launches IDD single rulebook online

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 … Continue Reading

European Commission publishes summary report on its Solvency II 2020 review consultation

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 … Continue Reading

EIOPA launches a public consultation on ‘open insurance’

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 opened up … Continue Reading

EIOPA publishes sensitivity data on climate-related transition risks in the investment portfolios of European insurers

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), carbon‐intensive industries, … Continue Reading

EIOPA publishes a report on administrative sanctions under the IDD

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 imposed on firms. The … Continue Reading

EIOPA publishes a discussion paper on non-life underwriting and pricing in light of climate change

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 business not to … Continue Reading

EIOPA publishes guidelines on information and communication technology security governance

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 (ICT) security … Continue Reading

EIOPA outlines its approach to the supervision of insurance product governance and oversight

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 product lifecycle. The latest … Continue Reading

EIOPA launches consultation on the supervision and use of climate change risk scenarios in the Solvency II ORSA

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 Solvency II. … Continue Reading

EIOPA launches a consultation on a draft supervisory statement on risk mitigation techniques undertaken by insurers and reinsurers

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 … Continue Reading

European Commission publishes paper setting out best-practice examples in relation to insurers’ COVID-19 measures

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, … Continue Reading

European Commission publishes a notice to stakeholders on the withdrawal of the UK from the EU (re)insurance market

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 … Continue Reading

Insurance claims handling soon to be a financial service

Following the release of the Royal Commission final report earlier this year, the Treasury has now released draft legislation that will make insurance claims handling a financial service under the Corporations Act 2001 (Cth). This will give the Australian Securities and Investments Commission (ASIC) greater supervisory responsibility over claims handling and require that these activities … Continue Reading

Amendments to Solvency II Delegated Regulation published in the Official Journal

On 18th June 2019, Commission Delegated Regulation (EU) 2019/981 (the Amending Regulation), which amends the Solvency II Delegated Regulation ((EU) 2015/35), was published in the Official Journal of the EU. The European Commission adopted the Amending Regulation on 8 March 2019. The Amending Regulation will enter into force on 8 July 2019 (twenty days after … Continue Reading

EIOPA publishes a report following its thematic review of the use of Big Data Analytics in motor and health insurance

The European Insurance and Occupational Pensions Authority (EIOPA) has published a report on the use of Big Data Analytics in motor and health insurance. The report reveals a trend for increasingly data-driven business models throughout the insurance value chain in both health and motor insurance.… Continue Reading

France clarifies the form and content of the information to be provided by UK insurers to their French insureds and policyholders following Brexit in the event of a no-deal

On 22 March 2019, the French Ministry of Economy and Finance passed a decree (the Decree) implementing the provisions of the ordinance n° 2019-75 of 6 February 2019, introducing a contingency plan for the financial institutions sector in connection with the withdrawal of the United Kingdom (UK) from the European Union (EU) (the Ordinance). As … Continue Reading

EIOPA publishes framework for assessing conduct risk through the product lifecycle

On 20 February 2019, the European Insurance and Occupational Pensions Authority (EIOPA) published a framework to identify the drivers of conduct risk so that EIOPA and European National Competent Authorities (NCAs) can focus on minimising these risks to consumers.… Continue Reading

EIOPA issues recommendations to European National Competent Authorities to minimise risks to policyholders in the event of a no-deal Brexit

On 19 February 2019, the European Insurance and Occupational Pensions Authority (EIOPA) issued nine recommendations to the National Competent Authorities (NCAs) with responsibility for the supervision of insurance undertakings and insurance intermediaries in European Union (EU) Member States. The recommendations provide the NCAs with guidance on EIOPA’s expectations in relation to the treatment of UK … Continue Reading

France enacts a new legal regime for insurance contracts entered into before Brexit in the event of a no-deal.

On 7 February 2019, the French Ministry of Economy and Finance passed an Ordinance (No. 2019-75) introducing a contingency plan for the financial institutions sector in connection with the withdrawal of the United Kingdom (UK) from the European Union (EU) (the Ordinance)[1]. The Ordinance amends the provisions of the French Insurance Code (FIC) (among others) … Continue Reading
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