EIOPA publishes equivalency reports: EIOPA has published its final reports on the equivalence of Bermuda, Japan and Switzerland with Solvency 2. Japan has been assessed only for equivalence with Article 172 (reinsurance supervision), while Bermuda and Switzerland have also been assessed for equivalence with Article 227 (group solvency calculation) and Article 260 (group supervision). The Commission will use the reports to make its determinations. (Source: EIOPA Publishes Equivalency Reports)
EIOPA speaks on market conduct regulation: Katja Würtz, Head of the Cross-Sectoral and Consumer Protection Unit at EIOPA, has given a speech titled "The future of European market conduct regulation". The speech covered:
- "smart conduct regulation" and the need for future regulation to be carefully tailored to specific problems, to be adaptable and to go beyond a simple "tick box" approach;
- product oversight and governance, specifically the need for improved outcomes for consumers achieved by a focus on their needs from the initial stages of product development onwards; and
- digitalisation and the challenges and opportunities that it presents for the European insurance industry.
EIOPA can identify and analyse trends or divergences across the European Union. (Source: EIOPA Speech: The Future of European Market Conduct Regulation)