"EIOPA newsletter" Newsletter Issues

EIOPA Strategy 2023-2026 (04/10/2022)

Building a safe and sustainable EU for citizens in times of transformation: this is EIOPA’s new vision that will guide future action. The strategy for 2023-2026 encompasses six areas that aim at building more sustainable, more resilient and stronger insurance and occupational pensions sectors.

Bancassurance warning (04/10/2022)

EIOPA issued a warning to insurers and banks to address consumer protection issues related to the sale of credit protection insurance (CPI) products. It follows a thematic review on CPI products which revealed a number of practices that could cause detriment to consumers.

Joint ESAs Consumer Protection Day (04/10/2022)

The conference tackled aspects related to sustainable finance, open finance and financial inclusion. Watch the recordings and listen to speeches from Mairead McGuinness, Paul Tang and Petra Hielkema and follow three sessions on financial issues.

What is coming up in Q4 2022 (04/10/2022)

Have a look at some of the upcoming publications in Q4 2022 at EIOPA.

European Insurance Overview 2022 (20/09/2022)

This overview is an extension of EIOPA's statistical services in order to provide an easy-to-use and accessible overview of the European (re)insurance sector. The information obtained is based on the annually reported Solvency II data.

Opinion on the decision of the European Parliament in the discharge procedure in respect of the implementation of the budget for the financial year 2020 (19/09/2022)

This opinion provides EIOPA’s views on the decision and observations of the European Parliament in respect of the implementation of the budget for the financial year 2020.

Supervisory statement on exclusions in insurance products related to risks arising from systemic events (22/09/2022)

In this statement EIOPA seeks to ensure that the interests of existing and prospective policyholders are duly taken into account when products are developed or revised or when events casting doubt on the scope of the coverage materialise.

Joint Committee Report on risks and vulnerabilities in the EU financial system - Autumn 2022 (12/09/2022)

The Autumn 2022 risk report of the European Supervisory Authorities highlights the deteriorating economic outlook, high inflation and rising energy prices.

Report on data quality in Solvency II reporting (06/09/2022)

This report describes the importance of data quality and the work done to improve it after six years of Solvency II prudential reporting.

Supervisory statement on the management of non-affirmative cyber exposures (22/09/2022)

In this statement EIOPA recommends NCAs to dedicate closer attention to the supervision of cyber underwriting risk and to identify and manage non-affirmative cyber underwriting risk, including tailored considerations regarding the specificities of the multiple Lines of Business and products impacted.

Consultation on the use of governance arrangements in third countries (01/08/2022)

EIOPA’s objective with the statement is to strengthen consumer protection by preventing the unfair treatment of consumers and to promote greater convergence in the supervision of differential pricing practices, to ensure that detriments to consumers are prevented via adequate product oversight and governance (POG) processes.

Public event on the Thematic review on Credit Protection Insurance (CPI) sold via banks (27/10/2022)

This event seeks to present the findings of the Thematic Review on Credit Protection Insurance (CPI) products sold via banks and to discuss the subsequent steps.

Principal Expert on Oversight (10/10/2022)

Principal Expert on Oversight

Guidance on integrating the customer’s sustainability preferences in the suitability assessment under the IDD (25/07/2022)

This guidance aims to promote better understanding of the new rules coming into effect and facilitate a correct implementation by presenting the new requirements in a more user-friendly language and presentation.

Peer Review on outsourcing (25/07/2022)

The peer review assesses the overall maturity of the framework implemented by national supervisory authorities (NSAs) to supervise the outsourced activities of insurance and reinsurance undertakings.

Staff paper on the proposal for an Insurance Recovery and Resolution Directive (25/07/2022)

The paper outlines that the IRRD is a comprehensive framework taking into account the insurance-specific features.

Consultation on the supervisory statement on differential pricing practices in non-life insurance lines of business (11/07/2022)

EIOPA’s objective with the statement is to strengthen consumer protection by preventing the unfair treatment of consumers and to promote greater convergence in the supervision of differential pricing practices, to ensure that detriments to consumers are prevented via adequate product oversight and governance (POG) processes.

Joint ESAs Consumer Protection Day: Steering a new path: supporting consumers to meet today’s and tomorrow’s challenges (23/09/2022)

Tackling aspects related to sustainable finance, open finance and financial inclusion, this conference addresses what needs to be done to help consumers steer a new path through today’s landscape. Check the agenda and register now!

Revised Guidelines on Valuation of Technical Provisions (06/07/2022)

The revised Guidelines provide guidance on how insurance and reinsurance undertakings should apply the requirements of the Solvency II Directive and the Delegated Regulation on best estimate valuation.

Head of Consumer Protection Department (15/08/2022)

Head of Consumer Protection Department

Joint ESAs’ Report on the extent of voluntary disclosure of principal adverse impact under the SFDR (25/07/2022)

This is the first annual report on the extent of voluntary disclosure of principal adverse impact under the Sustainable Finance Disclosure Regulation (SFDR) – Article 18 of Regulation (EU) 2019/2088.

Expert on Consumer Protection (08/08/2022)

Expert on consumer protection

Revised Guidelines on Contract Boundaries (06/07/2022)

This revision introduces new Guidelines and amends current Guidelines on topics that are relevant for the determination of contract boundaries.

Public consultation on the revised Decision on EIOPA's regular information request towards NCAs regarding the provision of occupational pensions information (25/04/2022)

The aim of the public consultation is to improve IORPs reporting focusing on emerging risks and new challenges and issues observed by NCAs and pensions industry since its first implementation in 2018.

Consultation on sustainability disclosures for Simple, Transparent and Standardised securitisations (02/05/2022)

The consultation is seeking input on draft Regulatory Technical Standards (RTS) on the content, methodologies and presentation of information in respect of the sustainability indicators for Simple, Transparent and Standardised (STS) securitisations.

Event Management Specialist (11/07/2022)

Event Management Specialist

Fostering resilience: a supervisor’s perspective (25/01/2022)

Fausto Parente, EIOPA's Executive Director, talks about resilience in the insurance sector at the AMICE Congress in Mainz on 9 June 2022. Read the speech!

Looking ahead: upcoming publications in Q3 2022 (28/06/2022)

Let's have a look together at some of the upcoming publications in Q3

ESAs Final Report on EMIR draft RTS with regards to intragroup contracts (24/06/2022)

This final report presents new draft amending regulatory technical standards (RTS) on the risk mitigation techniques for OTC derivative contracts not cleared by a CCP (bilateral margining) that the European Supervisory Authorities (ESAs) have developed under Article 11(15) of EMIR.

Financial Stability Report June 2022 (24/06/2022)

The June 2022 Financial Stability Report examines the main trends for the European (re)insurance and pensions sectors as well as the macroeconomic landscape with its implications.

Feedback Statement on Open Insurance: accessing and sharing insurance-related data (24/06/2022)

This statement includes a summary of the responses received during its public consultation, as well as next steps.

Annual conference 2022: From uncertainty to strength: Supervision for an economy in transformation (25/01/2022)

The annual conference brought together regulators, academics, insurance experts, lawmakers as well as industry and consumer representatives to strengthen our dialogue and help provide some clarity on the way forward by highlighting priorities for regulation and supervision. Read the summary and watch the recording!

Public event on occupational pensions reporting (01/07/2022)

This event focuses on the public consultation on the revised Decision on EIOPA's regular information request towards NCAs regarding the provision of occupational pensions information.

Annual report 2021 (24/06/2022)

The Annual Report 2021 is setting out EIOPA's activities and achievements of the past year.

Pensions Expert (04/07/2022)

Pensions Expert

Report on EIOPA Supervisory Activities in 2021 (24/06/2022)

This Report presents how EIOPA contributed during 2021 to enhance the common European supervisory culture and promoted consistent supervisory practices both from a prudential and conduct of business supervision perspective.

Open insurance: defining the roadmap (25/01/2022)

Petra Hielkema spoke about opportunities and risks of open insurance as well as of present and future legislative landscape at the Insurance Innovators Summer Festival in Munich on 22 June 2022. Read the speech!

Project Expert (EU SDFA) (04/07/2022)

Project Expert (EU SDFA)

EIOPA 2022 conference (21/06/2022)

From uncertainty to strength: Supervision for an economy in transformation, this is the theme of the 2022 annual conference. We will speak about the evolution of regulatory frameworks, the behavioural aspects of protection gaps, and the role of conduct supervision in fostering financial health. Check the agenda and register now!

Discussion paper on physical climate change risks (25/10/2021)

The report focuses on assessing the materiality of the insurance sector exposure to physical climate change risk under a financial stability perspective.

Feedback Statement on blockchain and smart contracts in insurance (25/10/2021)

Following the public consultation on a ‘Discussion paper on blockchain and smart contracts in insurance’, this statement presents the a high-level summary of the responses received can be found in this feedback statement, together with EIOPA reactions.

Technical advice on the review of PRIIPs Regulation (25/10/2021)

This Report presents the European Supervisory Authorities’ (ESAs) technical advice to the Commission on Regulation (EU) No 1286/2014 (PRIIPs Regulation) 1 following a request received from the Commission on 27 July 20212 . It will serve as input to the Commission’s work to develop a strategy for retail investments and to make appropriate adjustments to the PRIIPs legislative framework.

Procurement Expert (13/06/2022)

Procurement Expert

Technical advice on Retail Investor Protection (31/05/2022)

EIOPA provides technical advice on a number of specific areas in the field of retail investor protection such as enhancing consumer disclosures, tackling damaging conflicts of interest in the sales process and assessing the impact of product complexity in the retail investment market.

Joint ESA Supervisory Statement on expectations regarding the 'What is this product' section in PRIIPs KID (10/05/2022)

The objective of this Supervisory Statement is to achieve a high, effective and consistent level of regulation and national supervision promoting a level playing field and the protection of retail investors.

Open Hearing on draft guidelines on integrating the customer’s sustainability preferences in the suitability assessment under the IDD (06/05/2022)

The open hearing and the consultation aim to gather stakeholders’ views on EIOPA’s proposals.

Workshops on climate change scenarios in the ORSA (28/04/2022)

The workshops will take place on 28 April 2022 for Non Life insurers and on 13 May 2022 for Life insurers.

Data Collection on the Prudential Treatment of Climate-Related Adaptation Measures in Non-Life Insurance (06/04/2022)

This data collection exercise aims to assess the potential for a dedicated Pillar 1 treatment of climate-related adaptation measures in Solvency II’s standard formula for non-life underwriting risk.

Public consultation on draft Guidelines on integrating the customer’s sustainability preferences in the suitability assessment under the IDD (13/04/2022)

Stakeholders are invited to provide feedback to this consultation paper by responding to the questions via the online survey by 13 May 2022.

Supervisory statement on the supervision of run-off undertakings (07/04/2022)

The aim of the statement is to ensure that a high-quality and convergent supervision is applied to run-off undertakings and portfolios while taking into account their specific nature and risks, the principle of proportionality and the prudent person principle.

Occupational pensions stress test: launch of the first climate stress test (04/04/2022)

EIOPA launches the first climate stress test to gain insights into the effects of environmental risks on the European occupational pension sector. The results will be published in December 2022.

Insurance stress test: call for changes in the disclosure regime (12/04/2022)

EIOPA issued an opinion on the disclosure of individual results in the context of insurance stress tests to further improve the transparency of the exercise.

Final Reports on the revision of EIOPA Guidelines on Contract Boundaries and Guidelines on the Valuation of Technical Provisions (21/04/2022)

These revised Guidelines provide guidance on how insurance and reinsurance undertakings should apply the requirements of the Solvency II Directive and the Delegated Regulation on the boundaries of insurance and reinsurance contracts and on best estimate valuation.

Investing for the future in a low-yield and high-uncertainty environment (07/04/2022)

Read Petra Hielkema's keynote intervention at the FAROS Frühjahrsforum. Petra speaks about opportunities coming from the green and digital transition and how the regulatory framework needs to adapt to these opportunities.

Cost and past performance report 2022 (05/04/2022)

The report looks into the costs and past performance of insurance and pension products.

Report on risks and vulnerabilities in the EU financial system (13/04/2022)

The report highlights the increasing vulnerabilities across the financial sector as well as the rise of environmental and cyber risks. It also includes a preliminary assessment of the consequences of Russia's invasion of Ukraine.

Looking ahead: upcoming publications in Q2 2022 (25/01/2022)

Let's have a look together at some of the upcoming publications in Q2

Interview (25/01/2022)

Petra Hielkema discusses with Börsen-Zeitung about the Solvency II review, stress test and insurance guarantee schemes.

Taxonomy meets the market workshop (06/04/2022)

In this workshop, EIOPA will present and discuss the new developments on regulatory reporting in insurance and pensions in the context of the 2.7.0 and 2.8.0 taxonomy releases.

2021 Insurance Stress Test Recommendations (25/10/2021)

The stress test recommendations aimed at supervisors and insurers contain a series of actions for a more resilient insurance sector in Europe.

Internal Control Specialist (18/04/2022)

Internal Control Specialist

Draft Amended Implementing Technical Standards (ITS) on supervisory reporting and disclosure (25/10/2021)

EIOPA submitted to the European Commission the draft amendments of regulations (Implementing Technical Standards - ITS) laying down supervisory reporting and disclosure requirements under Solvency II.

ESAs supervisory statement on the application of the Sustainable Finance Disclosure Regulation (28/03/2022)

The updated joint supervisory statement includes a new timeline, expectations about the explicit quantification of the product disclosures under Article 5 and 6 of the Taxonomy Regulation, and the use of estimates.

PEPP: new option to save for retirement (25/01/2022)

The legal basis for the offering of PEPP became applicable on 22 March 2022. Read more about this product, including our FAQs for consumers.

Warning to consumers on the risks of crypto-assets (24/03/2022)

The ESAs set out key steps consumers can take to ensure they make informed decisions. This warning comes in the context of growing consumer activity and interest in crypto-assets and the aggressive promotion of those assets and related products to the public, including through social media.

Reviewing Solvency II: keeping the regime fit for purpose (14/02/2022)

Read the speech given by Petra Hielkema in contribution to the Eurofi Magazine on the Solvency II Directive.

Supervision in a fast-paced digital world (09/02/2022)

Keynote speech by Petra Hielkema at the Afore Consulting 6th Annual FinTech and Regulation Conference.

Highlights from the ESAs high-level conference on financial education and literacy (02/02/2022)

The discussion was organised around financial education and Capital Markets Union; digitalisation, with a specific focus on cybersecurity, scams and fraud; financial resilience of vulnerable groups; and sustainable finance.

Risk dashboard in insurance (31/01/2022)

The Risk Dashboard for Q3 2021 shows that insurers’ exposures to macro risks remain at a high level while all other risk categories, such as insurance as well as profitability and solvency risks stay at medium levels.

Supervisory convergence plan for 2022 (14/02/2022)

The 2022 supervisory convergence plan identifies EIOPA’s priorities to enhance supervisory convergence in the European Union over the course of the year.

European Supervisory Authorities' response to the European Commission on digital finance (16/02/2022)

The report sets out the findings and advice of the ESAs in response to the European Commission’s Call for Advice on digital finance and related issues.

Repository of national financial education initiatives on digitalisation (31/01/2022)

The repository contains 127 national initiatives that provide consumers with helpful information on how to improve their financial literacy.

Follow-up survey on the potential offering of Pan-European Personal Pension Product (27/01/2022)

The aim of this survey is to gauge and better understand the potential take-up of PEPP by eligible providers (asset managers, insurance undertakings, IORPs and credit institutions, including banks).

Public consultation on retail investor protection (28/01/2022)

The consultation is a response to the Commission's Call for advice on the implementation of the Retail Investment Strategy which aims to improve consumer outcomes and increase consumer participation in capital markets.

IT Expert Infrastructure Operations (18/02/2022)

IT Expert Infrastructure Operations

ESAs Public Hearing on the Review of the PRIIPs Regulation (11/02/2022)

Take part in this hearing organised by the European Supervisory Authorities (ESAs) to discuss the development of their draft Technical Advice to the European Commission regarding the PRIIPs Regulation.

A customer centric-approach to the design of unit-linked products (14/02/2022)

How to deliver value for money? Take part in discussions on how to put consumer outcomes at the heart of product design, distribution and monitoring processes.

Public hearing on Retail Investor Protection (18/02/2022)

EIOPA present its proposals regarding its draft Technical Advice to the European Commission on certain aspects relating to Retail Investor Protection.

Petra Hielkema's first 100 days in office (25/01/2022)

EIOPA's Chairperson discusses in our podcast her first 100 days in office and looks ahead to the future. Listen to our podcast.

Consumer trends (25/01/2022)

What are the latest insurance and pension trends impacting consumers? How has the global pandemic affected insurance and pensions from a consumer protection perspective? Find out more about the key trends of the past year.

Consumer Trends Report 2021 (24/01/2022)

The Consumer Trends Report 2021 and the risk heat-map provide a snapshot of the impact of the COVID-19 crisis on the insurance and pension sector from a consumer protection perspective.

Report on the application of the Insurance Distribution Directive (06/01/2022)

This report examines changes in the insurance intermediaries' market structure, changes in the patterns of cross-border activity, the improvement of quality of advice and selling methods and the impact of the IDD on insurance intermediaries which are small and medium-sized enterprises.

Pilot Exercise on Climate Change Adaptation in Non-Life Underwriting and Pricing (07/12/2021)

This Pilot Exercise aims at better understanding how insurers integrate climate-related adaptation measures in non-life insurance products and assessing the appropriateness of the corresponding prudential treatment of these insurance products.

Consultation on application guidance on running climate change materiality assessment and using climate change scenarios in the ORSA (10/12/2021)

The consultation gives general insights in the ORSA where undertakings have the possibility to address climate change risks and provides examples using both dummy non-life and life companies.

ESAs high-level conference on financial education and literacy (01/02/2022)

This joint ESAs conference will bring together high-level government representatives as well as experts from public authorities, academia, NGOs, consumer associations and the industry, to exchange ideas and raise awareness on financial education and literacy.

Insurance stress test (20/12/2021)

The results of the insurance stress test 2021 exercise show industry resilience but also reliance on transitional measures.

Digital transformation (20/12/2021)

EIOPA sets out its digital transformation strategy to ensure a systematic and holistic approach to the technological transformation of the European insurance and pensions markets and their supervision.

Pension tools (20/12/2021)

EIOPA submitted to the EC two sets of technical advice on pensions tools: the pension tracking system and the pensions dashboard. The advice is an important step towards raising citizens’ awareness of their future retirement income and enhancing the monitoring of national pension systems.

Study on Diversification in Internal Models - phase 2 (05/10/2021)

study

Finance and Procurement Specialist (17/01/2022)

Finance and Procurement Specialist

Report on cross-border IORPs (07/12/2021)

The report highlights the latest developments in cross-border arrangements of Institutions for Occupational Retirement Provision (IORPs).

Legal Expert (17/01/2022)

Legal Expert

2021 Highlights (21/12/2021)

As we approach the end of the year, let's have a look together at some of the highlights of the year.

Expert on Financial Stability (10/01/2022)

Expert on Financial Stability

Financial Stability Report December 2021 (13/12/2021)

The December 2021 Financial Stability Report examined key macroeconomic developments, including the effects of the ongoing COVID-19 pandemic, and the prevalence of risks that are key for the insurance and pension sectors.

Sustainable finance activities 2022-2024 (07/12/2021)

The activities reflect the need for global action to enable decisive progress on the transition to a more sustainable economy.

Sustainable finance (18/11/2021)

On the occasion of the COP26, EIOPA highlights its commitment to support the insurance and pensions sectors in tackling climate change.

Risk dashboard in insurance (18/11/2021)

The Risk Dashboard for Q2 2021, which includes ESG factors for the first time, shows that insurers’ exposures to macro risks remain at a high level while all other risk categories, such as insurance as well as profitability and solvency risks, stay at medium levels.

Climate risk management (18/11/2021)

Stress tests and ORSA are good for climate risk management, points out Petra Hielkema in an interview with Insurance ERM.

Report on the use of capital add-ons during 2020 (22/11/2021)

Capital add-on measure aims at ensuring that the regulatory capital requirements reflect the risk profile of the solo undertaking or of the insurance group.

Occupational pensions statistics (18/11/2021)

Annual Occupational Pensions statistics for reference year 2020. The statistical publication contains the following areas: basic Information, balance sheet, asset exposures, contributions, benefits and transfers, expenses and members.

Risk free interest rate technical information (18/11/2021)

Monthly technical information for Solvency II Relevant Risk Free Interest Rate Term Structures, including a parallel publication following the approach for Interbank Offered Rates (IBOR) transitions.

Symmetric adjustment of the equity capital charge technical information (18/11/2021)

Monthly technical information on the symmetric adjustment of the equity capital charge for Solvency II with reference to the end of October 2021. Check out the calendar for 2022 releases.

Call for evidence on the European Commission mandate regarding the PRIIPs Regulation (21/10/2021)

ESAs welcome comments on this call for evidence concerning the call for advice to the Joint Committee (JC) of the ESAs regarding the PRIIPs Regulation.

Sustainable Finance Roundtable (07/12/2021)

What role do insurance and pensions play in strengthening society’s resilience to sustainability risks?

Cyber Incident Reporting and Cyber Underwriting (15/12/2021)

How to transform reporting into a learning opportunity? Two main topics will be discussed: cyber incident reporting to see how the (re)insurance market is handling incident data, and cyber underwriting to understand how to collect actionable incident data to facilitate cyber underwriting practices.