EIOPA updated questions and answers (Q&A) on the implementing and delegated regulations related to the Solvency II Directive. The update covers answers to questions for (EU) No 2015-2450 on templates for the submission of information to the supervisory authorities, (EU) No 2015-2013 on standard deviations in relation to health risk equalization systems, and (EU) 2015-35 supplementing the Solvency II Directive. The update also covers answers to questions received on the guidelines on classification of own funds.
The EIOPA Q&A tool is intended to ensure the consistent and effective application of the regulation in the European Economic Area. The Q&A tool can be used by all parties, including financial institutions, supervisors, and other stakeholders, for submitting questions on particular regulatory tools that have been published by EIOPA. Financial institutions, supervisors, and other stakeholders can use the Q&A process for submitting questions on EU law and EIOPA guidelines within the area of insurance and pensions. The Q&As have no binding force in law, nor are they subject to "comply or explain." However, their application will be rigorously scrutinized and challenged by EIOPA and national supervisory authorities, given their practical significance to achieve a level-playing field.
Keywords: Europe, EU, Insurance, Solvency II, Delegated and Implementing Regulations, Guidelines, Reporting, EIOPA
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
PRA published a public working draft, or PWD, of version 1.2.0 of the BoE Insurance XBRL taxonomy, along with the related technical artefacts.
CPMI published a report that sets out nineteen building blocks for a global roadmap to improve cross-border payments.
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
ESMA published the final report on the guidelines on securitization repository data completeness and consistency thresholds.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.