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 Updates Filing Rules for Supervisory Reporting

    The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    EBA Publishes Standards on Disclosure of Investment Policy Under IFR

    The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).

    October 19, 2021 WebPage Regulatory News
    News

    APRA Finalizes Guidance for New Prudential Standard on Remuneration

    The Australian Prudential Regulation Authority (APRA) published the prudential practice guide CPG 511 to assist banks, insurers, and superannuation licensees in meeting requirements of CPS 511, the new prudential standard on remuneration.

    October 18, 2021 WebPage Regulatory News
    News

    OCC Updated LIBOR Self-Assessment Tool for Banks

    The Office of the Comptroller of the Currency (OCC) published a bulletin that provides an updated self-assessment tool for banks to evaluate their preparedness for cessation of the London Interbank Offered Rate (LIBOR).

    October 18, 2021 WebPage Regulatory News
    News

    TCFD Updates Guidance for Financial Disclosures on Climate Risk

    The Financial Stability Board (FSB) published a report that examines the progress made toward disclosures aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

    October 14, 2021 WebPage Regulatory News
    News

    BCBS Report Examines Progress on Adoption of Basel III Framework

    The Basel Committee on Banking Supervision (BCBS) published the progress report on adoption of the Basel III regulatory framework in member jurisdictions.

    October 14, 2021 WebPage Regulatory News
    News

    ACPR Implements Updates Related to DPM Version 3.1

    The French Prudential Supervisory Authority (ACPR) has implemented, in its information system, updates linked to the Data Point Model (DPM) version 3.1.

    October 14, 2021 WebPage Regulatory News
    News

    EBA Note Examines Transition Risks of Benchmark Rates

    The European Banking Authority (EBA) published a thematic note that aims to identify and raise awareness of the transition risks of benchmark rates, as the London Interbank Offered Rate (LIBOR) and the Euro Overnight Index Average (EONIA) are close to being phased out.

    October 14, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7571