Featured Product

    EIOPA to Introduce Reporting Template on Cyber Underwriting

    August 04, 2021

    The European Insurance and Occupational Pensions Authority (EIOPA) published the annual report detailing its prudential and conduct supervision activities and achievements in 2020. The supervisory activities in 2020 covered a variety of areas, including Solvency II issues such as calculation of technical provisions and reporting templates, development of supervisory activities in the area of conduct risk, and the analysis of innovative technologies. In 2021, EIOPA plans to complete certain priorities stemming from the previous plans, while continuing to monitor and mitigate the impact of COVID-19 crisis.

    EIOPA will focus its supervisory work on activities set out in the supervisory convergence plan for 2021. The key highlights mentioned in the report include the following:

    • EIOPA launched a new thematic review on mortgage life and other credit protection insurance sold through banks. The thematic review will be completed in 2021, after re-prioritization due to the pandemic.
    • To address the existing data gap, EIOPA expects to include a new template on cyber underwriting in the 2021 amendment to the implementing technical standards on reporting and aims to regularly collect data on cyber coverage.
    • EIOPA is reviewing supervisory and academic approaches to cyber risk measurement and stress testing and evaluating the potential for the development of a methodological approach to stress testing or assessing the sensitivity of insurers to cyber risk, from an operational and underwriting risk perspective.
    • EIOPA launched, in 2020, a new comparative study on modeling of diversification benefits with the aim to analyze and compare the levels of diversification; to facilitate a better understanding of modeling dependencies, aggregation, and resulting diversification benefits, and to enhance the quality and convergence of supervision on diversification in internal models. Results from the diversification study are expected in the second quarter 2022.
    • EIOPA has identified additional divergent practices that will be addressed from a supervisory convergence point of view. This covers the use of economic scenario generators, modeling of policyholder behavior, future management actions, expenses assumptions, expert judgment, Expected Profits Included in Future Premiums, and contract boundaries. To foster convergence, EIOPA intends to provide further technical guidance on all these topics through the revision of the guidelines on contract boundaries and the guidelines on the valuation of technical provisions to be publicly consulted in 2021.
    • EIOPA has adopted a new governance structure for peer reviews in 2020 and approved the work plan of peer review for the period 2020-2022.
    • EIOPA continued to discuss some supervisory issues and challenges experienced by some national competent authorities in the supervision of run-off undertakings or portfolios. The issues addressed are various and range from authorization of the acquisition of a run-off insurance undertaking or transfer of portfolio to the ongoing supervision of technical provisions, investments, and reinsurance. In this context, a supervisory statement is expected to be published in 2021.
    • By the end of 2020, six cooperation platforms were operational with the involvement of 21 national competent authorities. For some of the platforms the intensive cooperation is continuing into 2021. EIOPA was also involved with three additional platforms that were largely dormant in 2020 with the home supervisors Ireland, Romania, and Bulgaria.


    Related Links

    Keywords: Europe, EU, Insurance, Reinsurance, Supervisory Activities, COVID-19, Solvency II, Technical Provisions, Reporting, Stress Testing Cyber Risk, Supervisory Convergence, Cyber Underwriting, EIOPA

    Featured Experts
    Related Articles

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514