Featured Product

    EIOPA Issues Statement on Mitigating Impact of COVID-19 Outbreak

    April 01, 2020

    EIOPA issued a statement to insurers and intermediaries, urging them to take steps to mitigate the impact of COVID-19 on consumers. These steps include providing clear and timely information to consumers, keeping consumers informed about contingency measures taken, continuing to apply product oversight and governance requirements, and exercising flexibility in the treatment of consumers where practical. Additionally, in view of COVID-19, the Romanian Supervisory Authority and EIOPA decided to postpone the start of the Balance Sheet Review of the Romanian insurance sector. The exercise was originally expected to be performed in the second semester of the year 2020.

    EIOPA welcomes the initiatives already taken by insurers and intermediaries to support and assist consumers, along with the consideration being shown toward consumers affected by COVID-19, including those who are particularly vulnerable. It is critical that insurers and intermediaries continue focusing on ensuring business continuity and the fair treatment of consumers. While highlighting the need for flexibility in the interest of consumers and for their continued fair treatment, EIOPA also highlights that imposing retroactive coverage of claims not envisaged within contracts could create material solvency risks and ultimately threaten policyholder protection. EIOPA expects all market participants to continue to act in the best interests of consumers, throughout the life cycle of their relationship with the consumer. This is in line with the requirements on policyholder protection set out in relevant legislation such as the Insurance Distribution Directive (2016/97) and the Solvency II Directive (2009/138/EC). This call to action follows the publication of a statement on actions to mitigate the impact of COVID-19 on the EU insurance sector and also follows the recommendations on supervisory flexibility regarding deadlines of supervisory reporting and public disclosure by insurers.

     

    Related Links

    Keywords: Europe, EU, Insurance, COVID-19, Business Continuity, Systemic Risk, Solvency II, Insurance Distribution Directive, Balance Sheet Review, Romania, EIOPA

    Featured Experts
    Related Articles
    News

    FSB Sets Out Effective Practices for Cyber Incident Recovery

    FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.

    October 19, 2020 WebPage Regulatory News
    News

    HKMA Urges Early Action for Adherence to IBOR Fallbacks Protocol

    HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.

    October 16, 2020 WebPage Regulatory News
    News

    FSB Sets Out Roadmap for Transition to Alternative Reference Rates

    FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).

    October 16, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on BRRD2 Transposition

    HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).

    October 15, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on CRD5 Transposition

    HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.

    October 15, 2020 WebPage Regulatory News
    News

    BoE Publishes Reporting Schedule for Statistical Returns

    In a recent statistical notice, BoE announced publication of the reporting schedule for statistical returns for 2021.

    October 15, 2020 WebPage Regulatory News
    News

    EC Welcomes Declaration by Member States on EU Cloud Federation

    EC welcomed the joint declaration by 25 EU member states on building the next generation of cloud in Europe.

    October 15, 2020 WebPage Regulatory News
    News

    MAS Amends Notice on Issuance of Covered Bonds by Banks in Singapore

    MAS published amendments to Notice 648 on the issuance of covered bonds by banks incorporated in Singapore.

    October 15, 2020 WebPage Regulatory News
    News

    FDIC Selects Technology Companies for Rapid Prototyping Competition

    FDIC has selected 14 technology companies—including Accenture Federal Services, LLC, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the next phase of the rapid prototyping competition.

    October 15, 2020 WebPage Regulatory News
    News

    GLEIF Defines New Validation Agent Role for Financial Institutions

    GLEIF announced that financial institutions worldwide can realize a variety of cost, efficiency, and customer experience benefits by assuming a new “validation agent” role within the Global Legal Entity Identifier (LEI) System.

    October 15, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5979