On 16 February, EIOPA published its annual Work Programme for 2016. Its objectives are to: (a) ensure transparency, simplicity and fairness across internal markets for consumers; (b) lead the development of sound and prudent regulations supporting the EU internal market; (c) improve the quality, efficiency and consistency of the supervision of EU insurance and occupational pensions; and (d) identify, assess, mitigate and manage risks and threats to the financial stability of the insurance and occupation pension sector.
EIOPA has four priorities for the year 2016 reflecting the major demands and important developments that need to be factored into planning its work programme:
- Focus on Solvency II implementation – The ongoing and intensive demands of Solvency II implementation and the role of EIOPA in safeguarding consistency will impact most areas of its work;
- Whole product life cycle focused consumer protection with greater emphasis on preventative, risk based regulation and supervision – Review the entire value chain and strengthen focus on prevention of risks from product design all the way to insurance guarantee schemes;
- Constant cycle quality for regulation – Maintain a focus on the underlying principles and rationale to ensure that regulation is sound and risk based; and
- Proactive approach to international developments with clear links to Solvency II implementation – EIOPA will continue to be highly involved in the development of international capital standards within the framework of the International Association of Insurance Supervisors.
A link to EIOPA’s 2016 Work Programme is here.