There have been a number of interesting developments from the European Insurance and Occupational Pensions Authority (“EIOPA”).
A memorandum of understanding was signed with the World Bank on 15 March 2013. The agreement will see the World Bank and EIOPA cooperate in developing the insurance industry, and work together to promote a risk based regulatory and supervisory framework for insurance and consumer protection.
EIOPA has also published:
- An opinion on the supervisory response to a prolonged low interest rate environment.
- A report on good practices related to the provision of information for defined contribution schemes.
- A report on the functioning of colleges and the accomplishments of the 2012 action plan.
- A presentation entitled ‘EIOPA Risk Dashboard – March 2013’. This presentation provides information on what EIOPA assesses to be the main systemic risks and vulnerabilities to be faced by the European insurance industry over the coming quarters.
- A database of pension plans and products in the European Economic Area.
- A survey on default investment options for pensions.
- Preliminary results of a quantitative impact survey which looked at institutions for occupational retirement provision.
The following consultations have also been launched:
- Standard Formula Design and Calibration for Certain Long-term Investments.
- Proposal for Guidelines on Complaints Handling by Insurance Intermediaries (see article here ).
- Proposal for Guidelines on the System of Governance.