International Association of Insurance Supervisors
Holistic framework baseline assessment - IAIS publishes results - 4 June 2021
The International Association of Insurance Supervisors (IAIS) has published a report containing the results of a baseline assessment (BLA) of the implementation of supervisory material related to the IAIS holistic framework for the assessment and mitigation of systemic risk in the insurance sector (Holistic Framework).
The Holistic Framework includes new and revised standards in several insurance core principles (ICPs), which apply to all insurers, and associated standards in the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame). The IAIS adopted the Holistic Framework in November 2019, for implementation by IAIS members from the beginning of 2020.
Supervisors from 26 jurisdictions covering over 90% of the global insurance market participated in the BLA. The reference date is June to August 2020, which is when the participating jurisdictions submitted their responses to the questionnaire for the BLA to the IAIS.
Overall, the results reflect “a high level of observance” and indicate that the 26 participating jurisdictions have made good progress with implementing the relevant standards of the Holistic Framework.
The IAIS intends to undertake an in-depth verification of supervisory practices in the next phase of the implementation assessment in 2021.
Report: Aggregate Report on the Results of the Holistic Framework Baseline Assessment
Press release
European Insurance and Occupational Pensions Authority
PEPP Regulation - EIOPA publishes guidelines on supervisory reporting - 4 June 2021
The European Insurance and Occupational Pensions Authority (EIOPA) has published guidelines on supervisory reporting in relation to the pan-European personal pension product (PEPP) to ensure the consistent application of the reporting requirements under the PEPP Regulation ((EU) 2019/1238).
See also the item below in relation to the publication of Delegated and Implementing Regulations supplementing the PEPP Regulation.
The guidelines are addressed to competent authorities (as defined in Article 2(18) of the PEPP Regulation) and financial institutions that are PEPP providers (under Article 2(15)). They will apply from 22 March 2022.
Guidelines on PEPP supervisory reporting (EIOPA-21/260)
Webpage
Press release
Official Journal of the European Union
PEPP Regulation - Delegated and Implementing Regulations on supervisory reporting and product intervention published - 4 June 2021
A number of Delegated and Implementing Regulations relating to supervisory reporting and product intervention to supplement the Regulation on a Pan-European Personal Pension Product ((EU) 2019/1238) (PEPP Regulation) have been published in the Official Journal of the European Union (OJ). These are as follows:
- Commission Delegated Regulation 2021/895 with regard to product intervention;
- Commission Delegated Regulation 2021/896 with regard to additional information for the purposes of the convergence of supervisory reporting; and
- Commission Implementing Regulation 2021/897 laying down implementing technical standards with regard to the format of supervisory reporting to the competent authorities and the cooperation and exchange of information between competent authorities and the European Insurance and Occupational Pensions Authority (EIOPA).
The Delegated and Implementing Regulations will enter into force on 24 June 2021.
Commission Delegated Regulation (EU) 2021/895 supplementing Regulation (EU) 2019/1238 with regard to product intervention
Commission Delegated Regulation (EU) 2021/896 supplementing Regulation (EU) 2019/1238 with regard to additional information for the purposes of the convergence of supervisory reporting
Commission Implementing Regulation (EU) 2021/897 laying down implementing technical standards for the application of Regulation (EU) 2019/1238 with regard to the format of supervisory reporting to the competent authorities and the cooperation and exchange of information between competent authorities and with the European Insurance and Occupational Pensions Authority
Money and Pensions Service
MoneyHelper - Money and Pensions Service releases Beta version of consumer website - 7 June 2021
The Money and Pensions Service (MaPS) has released a Beta version of the MoneyHelper website, a single access service for consumers who require pensions and money guidance. It replaces and consolidates the MaPS’ legacy brands Money Advice Service, The Pensions Advisory Service and Pension Wise. Pension Wise will continue to operate as a named service provided by MoneyHelper. The release of the Beta site is designed to allow for continued testing and to gather feedback ahead of the full launch, scheduled for 30 June 2021.
Press release: The Money and Pensions Services launches Beta MoneyHelper site
Beta MoneyHelper website
Please see the General section for an item on the launch by the Bank of England of the Climate Biennial Exploratory Scenario 2021.
Please see the Banking and Finance section for an item on the publication of amended technical standards relating to External Credit Assessment Institutions under CRR and Solvency II.
