Featured Product

    EIOPA Sets Out Work Priorities for 2021-2023

    September 30, 2020

    EIOPA has set out the work priorities for 2021-2023, taking into account the current market situation in light of the COVID-19 pandemic. COVID-19 crisis management, risk mitigation, and active support to recovery of the European economy will be the key focus areas. In addition, EIOPA will continue to work on a number of activities in the areas of digitalization and cyber risk, sustainable finance, supervisory convergence, financial stability of the insurance and occupational pensions sectors, and the pan-European Personal Pension Products. Consumer protection will also remain a key strategic priority in light of the increasing risks emerging from the crisis. The document that details the work priorities for 2021-2023 also includes Annual Work Program of EIOPA for 2021. The key priorities for 2021 are related to suptech, cyber-resilience of the insurance market, cyber-underwriting market, monitoring market developments, and the evolution of new technologies, business models, and sustainable finance.

    The following are the four strategic focus areas of the work program for 2021-2023:

    • Driving forward conduct of business regulation and supervision. EIOPA will contribute to reviews of the Insurance Distribution Directive (IDD) and the packaged retail and insurance-based investment products (PRIIPs) Regulation by providing analysis, advice or, where appropriate, legislative proposals concerning required revisions or changes. EIOPA will continue to work, together with the other ESAs, on enhancing sustainable finance disclosures under the Sustainable Finance Disclosure Regulation. EIOPA will enhance the core tools and develop new tools for its risk-based conduct of business framework with a focus on data collection and use. EIOPA will review the retail risk indicators and consumer trends methodology to reflect amendments resulting from Solvency II review in the area of reporting.  
    • Leading supervisory convergence to ensure high-quality prudential supervision. Following its opinion of December 2020 on the review of the Solvency II Directive and Delegated Regulation, EIOPA will work on any identified follow-up area and consider reviewing relevant technical standards and guidelines. EIOPA will continue to work on the risk-free rate methodology as well as the transition to new benchmarks for risk-free rates. EIOPA is also monitoring the green and sustainable investment field and will take action as necessary or at the request of EC. Finally, EIOPA will continue work and engagement with IAIS and other international bodies, in addition to implementing the project BI 2.0 as part of its continuous improvement of the business intelligence and data analytics framework.
    • Strengthening financial stability of insurance sector. EIOPA will further enhance its core risk analysis products and risk identification toolkit. Increasing the time between stress tests will allow a comprehensive follow-up of the findings while conducting focused analyses/studies in the interim. EIOPA will focus on building the methodological toolkit for vulnerability analysis. Inclusion of environmental, social, and governance (ESG) factors in risk and vulnerability analysis of EIOPA will be another focus point. EIOPA will further enhance analyses and conduct studies on emerging risks as part of its early risk identification and prevention process, including assessing the impact of climate change and ESG aspects on financial stability.
    • Continuing to deliver its mandate while remaining adaptable to new priorities. EIOPA will make the most of synergies with other EU agencies in areas such as procurement to reduce administrative burden and costs. EIOPA will ensure transparency and accountability in its governance structures and stakeholder relations. It will also run initiatives to achieve greater maturity in the security of its staff, information, IT, and its assets, in addition to enhancing its information technology infrastructure and applications.

     

    Related Links

    Keywords: Europe, EU, Insurance, Solvency II, COVID-19, PRIIPs Regulation, Sustainable Finance, Digitalization, ESG, Cyber Risk, IDD, Stress Testing, Reporting, SFDR, Climate Change Risk, Work Program, EIOPA

    Featured Experts
    Related Articles
    News

    ESAs Publish Reporting Templates for Financial Conglomerates

    ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.

    January 18, 2021 WebPage Regulatory News
    News

    EBA Publishes Report on Asset Encumbrance of Banks in EU

    EBA published the annual report on asset encumbrance of banks in EU.

    January 18, 2021 WebPage Regulatory News
    News

    US Agencies Publish Updates for Call Reports, FFIEC 101, and FR Y-9C

    FED updated the reporting form and instructions for the FR Y-9C report on consolidated financial statements for holding companies.

    January 15, 2021 WebPage Regulatory News
    News

    EBA Proposes Guidelines for Establishing Intermediate Parent Entities

    EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.

    January 15, 2021 WebPage Regulatory News
    News

    EC Adopts Financial Reporting Changes Arising from Benchmark Reforms

    EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.

    January 14, 2021 WebPage Regulatory News
    News

    BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk

    BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.

    January 14, 2021 WebPage Regulatory News
    News

    HMT Updates List of Post-Brexit Equivalence Decisions in UK

    HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Issues Erratum for Technical Package on Reporting Framework 3.0

    EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.

    January 14, 2021 WebPage Regulatory News
    News

    APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets

    APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.

    January 14, 2021 WebPage Regulatory News
    News

    ECB Letter Sets Out Strategies to Address Issue of Nonperforming Loans

    ECB published a letter from Andrea Enria, the Chair of the Supervisory Board of ECB, answering questions raised by the President of the Bundestag (the German federal parliament) on how ECB assesses the financial stability of the euro area in the context of the significant level of nonperforming loans.

    January 14, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6450