Featured Product

    DNB Publishes Insurance Newsletter for November 2019

    November 05, 2019

    DNB published the November 2019 issue of insurance newsletter. This issue contains an updated calendar for insurers and announces the publication of good practices on the treatment of climate-related risks under the Own Risk and Solvency Assessment (ORSA). DNB has also answered a question on whether it expects Dutch insurers to take climate-related risks into account.

    The European Solvency II supervisory framework requires, in Article 262 of the Solvency II Delegated Regulation, that the ORSA of an insurer should be forward-looking and include the following: "the risks to which the company is exposed or could be exposed taking into account potential future changes in its risk profile that result from the company or from the economic and financial environment, including operational risks.The framework also provides in guideline 5 that "the company must substantiate and document every ORSA, and the results thereof, with supporting documents.Given the potential impact of climate-related risks on both the asset side of the balance sheet and the technical provisions, DNB expects insurers to include climate-related risks in their ORSA by analyzing and describing the impact of these risks on their risk profile. DNB expects a presentation and explanation of the results of this analysis in the ORSA report. If the analysis shows that climate-related risks are not considered material—for example because the insurer is not or could not be exposed to these risks—DNB expects to see this reflected in the explanation.

    The document on good practices discusses the relevant legislation and regulations. It explains which important climate-related risks can affect insurers, both in terms of physical and transition risks. Subsequently, in the form of good practices, starting points are given for the processing of (both cross-sectoral and branch-specific) climate-related risks in ORSA. 

     

    Related Links (in Dutch)

    Keywords: Europe, Netherlands, Insurance, Newsletter, QIS Calendar, Solvency II, ORSA, Q&A, Climate Related Risks, DNB

    Featured Experts
    Related Articles
    News

    EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR

    EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).

    July 01, 2020 WebPage Regulatory News
    News

    FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform

    FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS on Package for 2020 Data Collection on ICS and Aggregation Method

    IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.

    June 30, 2020 WebPage Regulatory News
    News

    BIS to Establish More Innovation Hubs in Europe and North America

    BIS announced that it will establish new Innovation Hub centers across Europe and in North America in cooperation with member central banks.

    June 30, 2020 WebPage Regulatory News
    News

    FED Updates Form FR 2052a for LCR Reporting by Banks

    FED updated the reporting form for FR 2052a, which is used to monitor the overall liquidity profile of certain supervised institutions.

    June 30, 2020 WebPage Regulatory News
    News

    PRA Statement on Changes to CRR in Response to COVID-19 Crisis

    PRA published a statement that sets out its views on certain amendments made to Capital Requirements Regulations (CRR and CRR2) via EU Regulation 2020/873 (CRR "Quick Fix"), including some guidance for firms.

    June 30, 2020 WebPage Regulatory News
    News

    PRA Proposes Approach for Publishing Solvency II Technical Information

    PRA is proposing (CP5/20) an approach for publication of Solvency II technical information after the end of the transition period for Brexit.

    June 30, 2020 WebPage Regulatory News
    News

    FASB Announces Upgrade of SEC EDGAR System to Release 20.2

    FASB announced that SEC has upgraded the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system to Release 20.2.

    June 30, 2020 WebPage Regulatory News
    News

    CFRF Publishes Guide for Addressing Climate-Related Financial Risks

    The Climate Financial Risk Forum (CFRF), which is a joint climate risk forum of FCA and PRA, published a guide written by the industry for the industry to help firms approach and address climate-related financial risks.

    June 29, 2020 WebPage Regulatory News
    News

    IAIS Paper Provides Guidance on Liquidity Risk Management for Insurers

    IAIS published an application paper on liquidity risk management for insurers.

    June 29, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5414