News

On 05 November 2020, Národná banka Slovenska (NBS), the Slovakian national supervisory authority, has issued an interim measure to NOVIS Insurance Company, NOVIS Versicherungsgesellschaft, NOVIS Compagnia di Assicurazioni, NOVIS Poisťovňa a.s. (NOVIS) prohibiting free disposal of its assets. The...

Today the European Insurance and Occupational Pensions Authority (EIOPA) published its updated Risk Dashboard based on the second quarter of 2020 Solvency II data.The results show that the risk exposures of the European Union insurance sector slightly reduced, compared to July risk assessment...

The Joint Board of Appeal of the European Supervisory Authorities (ESAs – European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority) published today its decision in relation to an alleged non-application of Union law by six...

The European Insurance and Occupational Pensions Authority has published its third annual European Insurance Overview.The European Insurance Overview report is published by EIOPA as an extension of its statistical services in order to provide an easy-to-use and accessible overview of the European...

EIOPA has launched a program of targeted training on insurance supervision for 17 national competent authorities.The training will enhance supervisory capacity of insurance national competent authorities to reinforce high-quality and effective supervision, the protection of policyholders and...

The UK transition period according to the Withdrawal Agreement will end on 31 December 2020. Following this date, all Union primary and secondary law will no longer apply to the United Kingdom, including the Solvency II Directive as well as the Directive on Insurance Distribution (IDD).The...

The Joint Board of Appeal of the European Supervisory Authorities (ESAs – European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority) published today its decision in the appeal case brought by Mr Howerton against the European...

Today, the European Insurance and Occupational Pensions Authority (EIOPA) finalised the Guidelines on Information and Communication Technology (ICT) Security and Governance.These guidelines shall provide guidance to national supervisory authorities and market participants on how regulation...

Today Gabriel Bernardino, Chairman of the European Insurance and Occupational Pensions Authority participated in a hearing of the Economic and Monetary Affairs Committee of the European Parliament.In his introductory statement, Mr Bernardino touched on the steps taken to mitigate the impact of...

As of September 2020, the European Insurance and Occupational Pensions Authority (EIOPA) has discontinued producing and publishing extraordinary processes for risk-free interest rate term structures (RFR) and symmetric adjustment to equity risk (EDA).EIOPA will continue to monitor the financial...

Today, the European Insurance and Occupational Pensions Authority (EIOPA) outlined its approach to the supervision of product oversight and governance (POG) requirements. This should support insurance manufacturers and distributors when implementing their own POG policies as well as to facilitate...

Today, the European Insurance and Occupational Pensions Authority (EIOPA) published a consultation on the use of climate change risk scenarios in the Own Risk and Solvency Assessment (ORSA) in the form of a draft supervisory Opinion.In EIOPA’s view, it is essential to foster a forward-looking...

Today, the European Insurance and Occupational Pensions Authority (EIOPA) launched a European-wide comparative study on diversification in internal models. The objective of the study is threefold:to gain an overview of the current approaches in the market and, on best effort basis, analyse and...

The European Insurance and Occupational Pensions Authority (EIOPA) has set out its priorities for 2021-2023 taking into account the current market situation in the light of the COVID-19 pandemic, as well as the political priorities defined by the European Commission.COVID-19 crisis management...

Today, the European Insurance and Occupational Pension Authority (EIOPA) launched a consultation on EIOPA’s Supervisory Statement on the use of risk mitigation techniques by insurance and reinsurance undertakings. The aim of this statement is to promote supervisory convergence on the assessment of...

The Board of Supervisors of the European Insurance and Occupational Pensions Authority (EIOPA) has decided to extend the term of Fausto Parente, the current Executive Director of EIOPA, for another five years. The decision is based on the evaluation of the work delivered during the first mandate...

EIOPA submitted to the European Parliament its opinion on the discharge decision. The document, adopted by the Board of Supervisors, provides an overview of the measures taken by EIOPA in the light of the observations and comments made by the European Parliament in respect of the implementation of...

The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) have issued their first joint risk assessment Report of the financial sector since the outbreak of the COVID-19 pandemic. The Report highlights how the pandemic has led to further amplified profitability concerns across the...

The European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published today a survey seeking public feedback on presentational aspects of product templates, pursuant to Article 8(3), Article 9(5) and Article 11(4) of the Regulation on sustainability‐related disclosures in the financial...