Insurance

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…

Further to our earlier blog post, the ban on the provision of cross-border services by third country insurers in the Netherlands (the Ban) took effect on 17 March 2021. This means that from this date onwards third country insurers are prohibited from providing their services in relation to both life and non-life insurance…

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…

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…