EIOPA published its annual report for 2017. The report contains a comprehensive account of the activities of EIOPA in the implementation of its mandate and work program during 2017. This year, the work of EIOPA was focused on strengthening supervisory convergence, enhancing consumer protection, and maintaining financial stability.
EIOPA, in 2017, continued its work with the national supervisory authorities to set out the key characteristics of high-quality and effective supervision that underpin a common supervisory culture. EIOPA also took steps to address perceived weaknesses in cross-border business supervision, for example, by setting up platforms to facilitate cooperation between national supervisory authorities, thus enabling a more timely identification and assessment of risks. To promote a consistent approach to consumer protection, EIOPA advised EC on the Insurance Distribution Directive (IDD), which covers issues such as conflicts of interest in selling practices and technical standards on the insurance product information document.
In addition, EIOPA completed the first part of the first review of the Solvency II regime, offered advice on the recovery and resolution framework for the insurance sector and, conducted a Europe-wide stress test on the occupational pensions sector. Looking ahead to 2018, EIOPA will focus onissues related to digitalization and InsurTech, as well as sustainable finance. EIOPA will also continue to support the actions of EC in the European financial services agenda, including the Capital Markets Union. Working with a wide range of stakeholders, EIOPA aims to build a strong European supervisory culture for the benefit of European consumers.
Keywords: Europe, EU, Insurance, Annual Report, Financial Stability, Supervisory Convergence, IDD, Solvency II, Stress Testing, EC, EIOPA
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.