Today the European Insurance and Occupational Pensions Authority has issued aStatement on principles to mitigate the impact of Coronavirus/COVID-19 on the occupational pensions sector.
The statement recognises the stabilising role that institutions for occupational retirement provision (IORPs) can play as long-term investors in the current economic climate.
The statement, addressed to national competent authorities, outlines principles related to:
- Business continuity and operational risk
- Liquidity position
- Funding situation and pro-cyclicality
- Protection of members and beneficiaries; and
EIOPA continues to work closely with national authorities to assess and mitigate the impact of the Coronavirus/COVID-19 on the insurance and occupational pensions sector.