There have been a number of interesting developments from the European Insurance and Occupational Pensions Authority (EIOPA), including:

  • A memorandum of understanding being signed with the Swiss Financial Market Supervisory Authority, FINMA, with the objective of ensuring optimal cooperation in the area of insurance supervision. The memorandum will create a formal basis for a number of key initiatives, including the exchange of information and the conducting of stress tests
  • A set of common objectives and initiatives being agreed with a number of US insurance regulatory bodies. Among these objectives are; the promotion of the free flow of information and; the consistent application of prudential requirements between the two jurisdictions

EIOPA has also published:

  • An opinion on interim measures regarding Solvency II. The opinion states that, in the lead-in to Solvency II, a number of key areas will be addressed in order to ensure that companies are properly managed and supervisors have sufficient information. EIOPA will also issue guidelines addressed to national competent authorities covering the system of governance. While the guidelines will not be binding per se, they will be subject to a “comply or explain” procedure
  • The EIOPA work plan for 2012 – 2014, which should be looked at together with the Work Programme 2013 of the Joint Committee of Supervisors (i.e. EBA, EIOPA and ESMA)
  • A report on its mapping exercise of the industry-training standards applied by national competent authorities. The report examined the different requirements regarding knowledge and ability for insurance intermediaries as specified by each national competent authority
  • A report on the application of AML/CTF obligations to, and the AML/CTF supervision of, emoney issuers, agents and distributors in Europe