EIOPA consults on information exchange: EIOPA has published a consultation paper inviting views on the draft Implementing Technical Standards (ITS) on the procedures and templates for submitting information to the group supervisor and exchange of information between supervisory authorities especially within colleges of supervisors. Consultation ends on 22 May. (Source: EIOPA Consults on the ITS on Information Exchange Between Supervisors)
EIOPA board signs coordination arrangements: EIOPA's Board of Supervisors has signed coordination arrangements for all colleges of supervisors of insurance groups with internal models. These arrangements set down the basis for future cooperation within colleges including their decision-making procedures. (Source: Coordination Arrangements Signed for Colleges of Supervisors of Insurance Groups with Internal Models)
EIOPA seeks views on infrastructure investments: EIOPA has published a discussion paper on infrastructure investments by insurers. The paper sets out initial ideas on:
- definition of infrastructure investments that offer predictable long-term cashflows and whose risks can be properly identified, managed and monitored by insurers;
- possible criteria for this new category of infrastructure investments covering issues such as standardisation and transparency;
- prudentially sound treatment of the identified investments within a risk-based supervisory system, focusing on their specific risk profile; and
- effectiveness of the current Solvency 2 risk management requirements in ensuring that the risks of this complex and, for insurers, relatively new asset class are properly managed.
The consultation ends on 26 April. (Source: EIOPA Publishes the Discussion Paper on Infrastructure Investments by Insurers)
EIOPA advises on Solvency 2: EIOPA has published its Technical Advice to the European Commission (Commission) on the Regulatory Technical Standards (RTS) on the recovery plans and finance schemes to be provided by insurers in case of non-compliance with Solvency and Minimum Capital Requirements (SCR, MCR) under Solvency 2. In its advice EIOPA:
- describes in detail the information required from companies when they do not comply with SCR or MCR;
- advocates the submission of one combined recovery plan and finance scheme where there is simultaneous non-compliance with both SCR and MCR;
- highlights the criteria for the supervisory approval of the submitted recovery plan or finance scheme;
- provides a non-exhaustive list of the measures that supervisors can take where an insurer's solvency position deteriorates further; and
- describes the circumstances supervisors must take into account when deciding on the measures to be adopted.