Featured Product

    EIOPA Issues Opinion to Determine Insurance Class for Statutory Risks

    July 06, 2018

    EIOPA published its Mediation Opinion on the determination of the correct insurance class for the insurance policy known as statutory risks in France. The Mediation Panel of EIOPA involved the ACPR as host authority and the Central Bank of Ireland as home authority of the insurance undertakings that offer this policy on the freedom to provide services in France.

    In line with the risk-based approach of Solvency II and with the aim to promote consistent supervisory practices, the Mediation Panel concluded that the determination of the insurance class should reflect the nature of risk of the given insurance policy rather than its actual legal form. Accordingly, the Mediation Panel supported the classification of statutory risk insurance policy in classes 1 (accident) and 2 (sickness) of Annex I of Solvency II for new authorizations. In case the insurance policy contains death or any other life coverage, an authorization for life insurance activity is also required.

    Furthermore, insurance undertakings should have expertise to ensure appropriate pricing, adequate provisioning, and claims management practices, which are relevant to the risks to be covered and to the target market in the host member state. Both the ACPR and the Central Bank of Ireland agreed with the conclusions of the Mediation Panel. The statutory risk insurance policy covers the maintenance of the civil servants' salary in case of sickness, maternity, work incapacity or disability, along with the payment of death benefits to the beneficiaries of a civil servant.

     

    Related Links

    Keywords: Europe, France, Insurance, Solvency II, Statutory Risk, Mediation Opinion, Insurance Class, ACPR, Central Bank of Ireland, EIOPA

    Featured Experts
    Related Articles
    News

    EIOPA Forms Consultative Expert Group on Digital Ethics in Insurance

    EIOPA established the Consultative Expert Group on Digital Ethics in Insurance to assist EIOPA in the development of digital responsibility principles in insurance.

    September 17, 2019 WebPage Regulatory News
    News

    FASB Proposes Taxonomy Changes Related to Topics 848 and 470

    FASB proposed taxonomy improvements for the proposed Accounting Standards Update on topic 848 on facilitation of effects of reference rate reform on financial reporting.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Statement on Recalculating Transitional Measures Under Solvency II

    BoE notified that it will be willing to accept applications from firms to recalculate transitional measure on technical provisions (TMTP) as at September 30, 2019.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Hosts Conference to Discuss Issues from Emergence of Stablecoins

    BIS hosted a conference in Basel to discuss policy and regulatory issues posed by the emergence of stablecoin initiatives backed by financial institutions and large technology companies.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Paper on Embedded Supervision of Blockchain-Based Financial Market

    BIS published a working paper that investigates ways to regulate and supervise blockchain-based financial markets.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Paper on Market-Implied Systemic Risk and Shadow Capital Adequacy

    BoE published a working paper that presents a forward-looking approach to measure systemic solvency risk.

    September 13, 2019 WebPage Regulatory News
    News

    HKMA Consults on Policy Module on Pillar 2 Supervisory Review Process

    HKMA is consulting on the revised Supervisory Policy Manual module CA-G-5 that sets out the HKMA approach to conducting the supervisory review process under Pillar 2.

    September 13, 2019 WebPage Regulatory News
    News

    PRA Publishes Waiver by Consent of Continuity of Access Rules

    PRA published a new waiver by consent to waive the Continuity of Access requirements contained in the Depositor Protection Part of the PRA Rulebook (DPP).

    September 13, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: Second Update for September 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to three questions.

    September 13, 2019 WebPage Regulatory News
    News

    BoE Publishes Update on Meeting of Working Group on Risk-Free Rates

    BoE published the minutes of the July meeting of working group on sterling risk-free reference rates.

    September 13, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3827