Featured Product

    EIOPA Issues SII Taxonomy and Guide on Sustainability Preferences

    The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy. EIOPA also published its guidance on integrating the customer’s sustainability preferences in the suitability assessment under the Insurance Distribution Directive (IDD).

    Solvency II DPM and XBRL taxonomy

    The EIOPA Solvency II DPM and XBRL taxonomy package version 2.8.0 contains release notes, DPM documentation, DPM dictionary, Solvency II annotated templates, detailed change logs from earlier versions, list of validations, Solvency II XBRL taxonomy, and XBRL taxonomy documentation and filing rules. The taxonomy package release 2.8.0 is provided to be used from the December 31, 2023 until a new version is announced. This taxonomy release 2.8.0 has been published without validations (that is templates and instructions are final). The final release of version 2.8.0 with validations and modeling will be published in January 2023 (hotfix is expected in March 2023).

    Guidance on Integrating Sustainability Preferences

    The guidance is based on Commission Delegated Regulation (EU) 2021/1257 and aims at easing the implementation of the Delegated Regulation by national competent authorities as well as by insurance undertakings and insurance intermediaries providing advice on insurance-based investment products. Commission Delegated Regulation (EU) 2021/1257 requires insurers and insurance intermediaries to integrate the customer’s sustainability preferences into the sales process when they provide advice on insurance-based investment products. The guidance will apply from August 02, 2022. EIOPA provides guidance on:

    • how to help customers better understand the concept of “sustainability preferences” and their investment choices
    • how to collect information on sustainability preferences from customers
    • how to match customer preferences with products, based on product disclosures under the Sustainable Finance Disclosure Regulation (SFDR)
    • what arrangements are necessary to ensure the suitability of an insurance-based investment product
    • the sustainable finance-related training and competence expected of insurance intermediaries and insurance undertakings who provide advice on insurance-based investment products

    The guidance is complemented by a feedback statement, which addresses the comments received from stakeholders in a public consultation on draft guidelines on integrating the customer’s sustainability preferences earlier this year. After the consultation, EIOPA decided to pause its work on guidelines on the topic of sustainability preferences in order to gather more information based on the implementation experience with the new legislative framework in the coming months.

     

    Related Links

     

     

    Keywords: Europe, EU, Insurance, Reinsurance, Reporting, Solvency II, DPM, XBRL Taxonomy, Taxonomy, Insurance Based Investment Products, IDD, Suitability Assessment, SFDR, ESG, EIOPA

    Featured Experts
    Related Articles
    News

    US Regulators Release Stress Test Scenarios for Banks

    The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).

    February 28, 2024 WebPage Regulatory News
    News

    Asian Governments Aim for Interoperability in AI Governance Frameworks

    The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.

    February 28, 2024 WebPage Regulatory News
    News

    EBA Proposes Operational Risk Standards Under Final Basel III Package

    The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.

    February 26, 2024 WebPage Regulatory News
    News

    EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS

    The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.

    February 23, 2024 WebPage Regulatory News
    News

    ECB to Expand Climate Change Work in 2024-2025

    Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.

    February 23, 2024 WebPage Regulatory News
    News

    BIS Bulletin Examines Cognitive Limits of Large Language Models

    The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.

    January 25, 2024 WebPage Regulatory News
    News

    ECB is Conducting First Cyber Risk Stress Test for Banks

    As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.

    January 24, 2024 WebPage Regulatory News
    News

    EBA Continues Momentum Toward Strengthening Prudential Rules for Banks

    A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.

    January 24, 2024 WebPage Regulatory News
    News

    EU and UK Agencies Issue Updates on Final Basel III Rules

    The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards

    December 19, 2023 WebPage Regulatory News
    News

    Industry Agency Expects Considerable Uptake for Swiss Climate Scores

    The Swiss Federal Council recently decided to further develop the Swiss Climate Scores, which it had first launched in June 2022.

    December 18, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8952