Featured Product

    EIOPA Report on Group Supervision and Capital Management of Insurers

    December 19, 2018

    EIOPA published a report on group supervision and capital management of (re)insurance undertakings and on specific topics related to Freedom to Provide Services (FoS) and Freedom of Establishment (FoE) under the Solvency II Directive (2009/138/EC). Based on the findings presented in the report, EIOPA concludes that the tools developed by EIOPA to strengthen group supervision and supervision of cross-border issues contributed to substantial progress in the convergence of practices of national competent authorities, but significant challenges remain.

    In the report, EIOPA identifies that effective supervision of insurance groups will benefit from a harmonized approach for early intervention, recovery and resolution, the assessment of group own funds, supervisory colleges, and cross-border business activities provided by groups and solo undertakings through FoS and FoE. EIOPA finds a number of gaps in the regulatory framework that lead to divergent supervisory practices in the following:

    • Definition of intra-group transactions
    • Assessment of availability of eligible own funds at group level
    • Treatment of Insurance Holding Companies and Mixed Activity Insurance Holding Companies in the scope of group supervision
    • Inclusion of holding companies, which are not licensed insurance undertakings in the scope of group supervision
    • Adequate application of the combination of methods to calculate the group solvency requirements
    • Referencing from the Solvency II framework to other financial sectors
    • Application of the mutatis mutandis to groups that fall under the scope of the Solvency II framework

    EC is required by Article 242 (2) of the Solvency II Directive to make an assessment of the benefit of enhancing group supervision and capital management under Solvency II. This report is the response to the EC request of June 07, 2018 and is based on the list of specific items that EC identified for the scope of the review.


    Related Links

    Keywords: Europe, EU, Insurance, Solvency II, Recovery and Resolution, Early Intervention Measures, EIOPA

    Featured Experts
    Related Articles

    BCBS Amends Capital Treatment of Non-Performing Loan Securitizations

    BCBS published a technical amendment to the capital treatment of securitizations of non-performing loans by banks.

    November 26, 2020 WebPage Regulatory News

    BoE to Move Statistical Data Collection to BEEDs Portal

    BoE announced that the Data and Statistics Division is planning to move collection of statistical data to the BoE Electronic Data Submission (BEEDS) portal.

    November 25, 2020 WebPage Regulatory News

    APRA Updates Reporting Standards and Guidance for EFS Data Collection

    APRA published the updated reporting standards and guidance for the collection of Economic and Financial Statistics (EFS), following a consultation process. Also published was a response letter to the feedback received on the proposal for amending the EFS reporting standards and guidance.

    November 24, 2020 WebPage Regulatory News

    EC Consults on Criteria for Environmentally Sustainable Activities

    EC is consulting on a draft delegated regulation to supplement the Taxonomy Regulation (2020/852) by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as environmentally sustainable.

    November 20, 2020 WebPage Regulatory News

    IFRS Examines Incorporation of Climate Risk Issues into IFRS Standards

    The IFRS Foundation published material highlighting the ways in which existing requirements in IFRS standards require companies to consider climate-related matters when their effect is material to the financial statements.

    November 20, 2020 WebPage Regulatory News

    EBA Analyzes Impact of Unwind Mechanism of Liquidity Coverage Ratio

    EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.

    November 19, 2020 WebPage Regulatory News

    ECB Outlines Views on Possible Changes to AnaCredit Rule and TLTROs

    In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.

    November 19, 2020 WebPage Regulatory News

    IASB Begins First Phase of Post-Implementation Review of IFRS 9

    IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.

    November 18, 2020 WebPage Regulatory News

    FSB Report Examines Progress in Resolvability of Systemic Institutions

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.

    November 18, 2020 WebPage Regulatory News

    EBA Benchmarks National Insolvency Frameworks Across EU

    EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.

    November 18, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6162