Featured Product

    EIOPA Issues Opinion to Determine Insurance Class for Statutory Risks

    July 06, 2018

    EIOPA published its Mediation Opinion on the determination of the correct insurance class for the insurance policy known as statutory risks in France. The Mediation Panel of EIOPA involved the ACPR as host authority and the Central Bank of Ireland as home authority of the insurance undertakings that offer this policy on the freedom to provide services in France.

    In line with the risk-based approach of Solvency II and with the aim to promote consistent supervisory practices, the Mediation Panel concluded that the determination of the insurance class should reflect the nature of risk of the given insurance policy rather than its actual legal form. Accordingly, the Mediation Panel supported the classification of statutory risk insurance policy in classes 1 (accident) and 2 (sickness) of Annex I of Solvency II for new authorizations. In case the insurance policy contains death or any other life coverage, an authorization for life insurance activity is also required.

    Furthermore, insurance undertakings should have expertise to ensure appropriate pricing, adequate provisioning, and claims management practices, which are relevant to the risks to be covered and to the target market in the host member state. Both the ACPR and the Central Bank of Ireland agreed with the conclusions of the Mediation Panel. The statutory risk insurance policy covers the maintenance of the civil servants' salary in case of sickness, maternity, work incapacity or disability, along with the payment of death benefits to the beneficiaries of a civil servant.

     

    Related Links

    Keywords: Europe, France, Insurance, Solvency II, Statutory Risk, Mediation Opinion, Insurance Class, ACPR, Central Bank of Ireland, EIOPA

    Featured Experts
    Related Articles
    News

    MAS Concludes Blockchain Payments Prototype Shows Commercial Potential

    MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.

    July 13, 2020 WebPage Regulatory News
    News

    PRA Publishes Public Working Draft of XBRL Taxonomy 1.2.0 for Insurers

    PRA published a public working draft, or PWD, of version 1.2.0 of the BoE Insurance XBRL taxonomy, along with the related technical artefacts.

    July 13, 2020 WebPage Regulatory News
    News

    CPMI Report Sets Out Building Blocks to Enhance Cross-Border Payments

    CPMI published a report that sets out nineteen building blocks for a global roadmap to improve cross-border payments.

    July 13, 2020 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    APRA Updates Reporting Validation Rules in July 2020

    APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    July 10, 2020 WebPage Regulatory News
    News

    PRA to Partly Apply EBA Guidelines on Disclosures for COVID Measures

    PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.

    July 10, 2020 WebPage Regulatory News
    News

    EBA Updates List of Correlated Currencies Under CRR

    EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.

    July 10, 2020 WebPage Regulatory News
    News

    ESMA Guides on Securitization Repository Data Consistency Thresholds

    ESMA published the final report on the guidelines on securitization repository data completeness and consistency thresholds.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5480