International Association of Insurance Supervisory
IAIS roadmap – IAIS publishes roadmap for 2021-22 – 23 February 2021
The International Association of Insurance Supervisors (IAIS) has published its roadmap for 2021–22 which sets out details of its anticipated project and activities for 2021-22. Its high-level goals are:
- assessing and responding to global market trends and developments which present opportunities, challenges and risks;
- setting and maintaining globally recognised standards for insurance supervision that are effective and proportionate;
- sharing good supervisory practices and facilitating understanding of supervisory issues; and
- assessing and promoting observance of IAIS supervisory materials.
Table I in the roadmap provides a summary of roadmap projects, grouped by the high-level goals, as set out in the Strategic Plan. Table 2 contains the list of projects with their objectives.
Public Roadmap
Press release
European Commission
PEPP Regulation – European Commission adopts Delegated Regulations on supervisory reporting and product intervention – 24 February 2021
The European Commission has adopted the following Delegated Regulations supplementing the Regulation on a pan-European personal pension product (PEPP) (PEPP Regulation) ((EU) 2019/1238):
- Commission Delegated Regulation on additional information for the purposes of the convergence of supervisory reporting, which specifies the additional information that must be gathered by competent authorities, referred to in Article 40 of the PEPP Regulation.
- Commission Delegated Regulation on product intervention, which specifies the criteria and factors to be applied by the European Insurance and Occupational Pensions Authority (EIOPA) in determining when there is a significant investor protection concern and, therefore, when its exercise of temporary and precautionary product intervention powers in relation to a particular PEPP product is warranted.
The PEPP Regulation introduces an EU-wide complementary personal pension savings framework, responding to an ageing population in Europe. The Council of the EU and the European Parliament will consider the Delegated Regulations next and, if neither object, they will be published in the Official Journal of the European Union and come into force on the 20th day following their publication.
Commission Delegated Regulation on additional information for the purposes of the convergence of supervisory reporting
Commission Delegated Regulation on product intervention
European Insurance and Occupational Pensions Authority
Union-Wide Strategic Supervisory Priorities - EIOPA publishes report – 19 February 2021
The European Insurance and Occupational Pensions Authority (EIOPA) has published a report identifying business model sustainability and adequate product design as the two new Union-wide strategic supervisory priorities for national competent authorities (NCAs). These new priorities stem from Article 29(a) of the revised EIOPA Regulation (1094/2010), which requires EIOPA to identify up to two priorities of Union-wide relevance at least every three years.
EIOPA states that NCAs will focus their supervisory activities on monitoring the impact of the prolonged low-yield environment and the COVID-19 crisis on the business model sustainability and development of insurers and institutions for occupational retirement provision. NCAs will also monitor the impact of the COVID-19 crisis on products and will ensure that product and oversight governance requirements, and other relevant consumer protection and conduct of business related requirements, are adequately implemented to address the deficiencies which emerged in the crisis.
EIOPA observes that NCAs will take these priorities into account when drawing up their work programmes, and notify EIOPA accordingly. EIOPA will then discuss the relevant activities by the NCAs in the following year, and may follow up with guidelines, recommendations to NCAs, and/or peer reviews.
Webpage
Press release
