EIOIPA issued a question and answer (Q&A) on the comprehension alert in the Key Information Document (KID) for Insurance-Based Investment Products (IBIPs). The question answers the conditions that should be used to determine whether a comprehension alert needs to be included in KID for an IBIP. As stated in the Packaged Retail and Insurance-Based Investment Products (PRIIPs) KID Delegated Regulation, a comprehension alert would need to be included in the KID where an IBIP does not meet requirements on non-complexity laid down in the IDD.
Related Link: Q&A (PDF)
Keywords: Europe, EU, Insurance, KID, PRIIPs, IBIP, EIOPA
Previous ArticleEC Welcomes Agreement on Basel III Post-Crisis Reforms
PRA, via the consultation paper CP12/20, proposed changes to its rules, supervisory statements, and statements of policy to implement certain elements of the Capital Requirements Directive (CRD5).
EIOPA published the financial stability report that provides detailed quantitative and qualitative assessment of the key risks identified for the insurance and occupational pensions sectors in the European Economic Area.
EBA published its risk dashboard for the first quarter of 2020 together with the results of the risk assessment questionnaire.
EBA announced that the next stress testing exercise is expected to be launched at the end of January 2021 and its results are to be published at the end of July 2021.
PRA published the consultation paper CP11/20 that sets out its expectations and guidance related to auditors’ work on the matching adjustment under Solvency II.
MAS published a statement guidance on dividend distribution by banks.
APRA updated its capital management guidance for banks, particularly easing restrictions around paying dividends as institutions continue to manage the disruption caused by COVID-19 pandemic.
FSB published a report that reviews the progress on data collection for macro-prudential analysis and the availability and use of macro-prudential tools in Germany.
EBA issued a statement reminding financial institutions that the transition period between EU and UK will expire on December 31, 2020; this will end the possibility for the UK-based financial institutions to offer financial services to EU customers on a cross-border basis via passporting.
SRB published guidance on operational continuity in resolution and financial market infrastructure (FMI) contingency plans.