EIOPA published its Annual Work Program for 2018. The document highlights and specifies the activities and tasks of EIOPA for the coming year, within the framework of a multiannual work program 2017–2019. Activities of EIOPA will be allocated to one of three levels of priority—High, Medium, and Low.
Overall, the key priorities include the following:
- Strengthening consumer protection. In 2018, consistent implementation of the Insurance Distribution Directive (IDD) and packaged retail investment and insurance-based investment products (PRIIPs) is a key priority of EIOPA to enhance consumer protection.
- Improving functioning of the EU internal market for pensions and insurance. With regard to developing a sound and prudent regulatory framework in 2018, the priorities include the finalization of Solvency Capital Requirements (SCR) Review, along with the submission of EIOPA Advice to EC and third annual report on long-term guarantee (LTG) measures. EIOPA will continue to implement updates of the risk-free rate methodology, including in respect of representative portfolios, deep/liquid transparent criteria, and the ultimate forward rate (the application of the approved UFR methodology from January 2018 onward).
- Strengthening financial stability of insurance and occupational pensions sectors. Insurance stress test and improving the disclosure of information in the insurance sector are the key priorities in this area. In terms of the enhancement of data availability in Solvency II, EIOPA statistics, along with vulnerability analyses such as the insurance stress test, will be used to improve the disclosure of information to the supervisory community and the public.
- Cross-cutting theme of InsurTech. EIOPA has introduced this theme into its Work Program this year, with its objectives being to promote supervisory convergence, facilitate a level playing field throughout Europe based on the principle of proportionality, and pursue a technology-neutral approach to financial innovation.
Related Link: Work Program, 2018 (PDF)
Keywords: Europe, EU, Insurance, Work Program, Consumer Protection, SCR Review, Insurtech, Stress Testing, Solvency II, EIOPA
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