European Insurance and Occupational Pensions Authority (EIOPA)’s Post

🔔 DORA UPDATE 🔔 See below: an interesting call from European Insurance and Occupational Pensions Authority (EIOPA) to review the scope of application of DORA in order to exempt 'small' insurance undertakings. My own thought: the scope of DORA is extremely broad and compliance with it rather costly and burdensome. EIOPA's reasoning that DORA imposes significant and unnecessary cost and administrative burden on sometimes small entities, without making a meaningful contribution to the primary objective of the DORA, also goes for certain (ancillary) insurance intermediaries and pension funds. Stay updated on #DORA developments with Lydian. #DORA #Risk #Compliance #Insurance #pensionfunds

Totally in agreement! The time, expertise and cost required to implement DORA is excessive but critical no matter the size of insurance companies. However, time and time again new laws or amendments to the law are being enacted without a real evaluation on the impact they will have on the market. The EU commission must allow for a risk based approach and set multiple implementation dates with the larger players starting first! #riskbasedapproach #DORA

The #ECOFIN Council adopted yesterday the amending #SolvencyII Directive. This concludes a significant and lengthy chapter in the development of the most important regulatory framework for insurers!   📢 Tobias Steinmann, EPRA Dir. of Public Affairs: ''Europe’s nearly EUR 10 trillion #insurance industry is the largest single pool of #institutional #capital in the EU. One of the biggest obstacles to European insurers investing more in listed real estate companies was the heavy capital weightings imposed by the prudential regime Solvency II. This would come to an end soon.” EPRA advocated for several years to introduce a workable risk charge for long-term investment in equities and is very pleased to see the approval of the Council’s Finance and Economy Ministers today, following the European Parliament positive vote on it earlier this year. The new rules could unlock hundreds of billions of euros in excess capital from the insurance industry and a portion of that should find its way to the asset class of listed #realestate, providing everything institutional long-term #investors are looking for: liquidity, transparency, performance and stability. Thanks to the advocacy work of the EPRA public affairs team who will continue to monitor the implementation of the new rules, as well as the technical details of the so-called delegated legal acts ("Level 2") to be followed.

📑 💬 As the insurance sector readies itself for impending Solvency II reforms, particularly concerning the Matching Adjustment (MA), the PRA is actively engaging with stakeholders in hopes to nurture a seamless transition. 📅 The final rules are expected in early June, with the deadline being set for June 30, 2024. The recent updates from the PRA provide assurance that current MA approvals will remain valid under the reformed regime, while also addressing practical challenges, such as the timing of attestations and fundamental spread additions, offering guidance well in advance of the June 30 deadline. Firms will have the option to voluntarily adopt certain requirements, and they will not be required to submit new MA applications at the point of implementation unless coupled with other changes. #4most #PRA #SolvencyII #MatchingAdjustment #MA

Solvency II reform to reduce regulatory obligations on captives in Europe. The legislation, known as the EU's main piece of legislation in the insurance area, cites captives under its definition of ‘small and non-complex undertakings’. https://lnkd.in/e4Uefy-4 #captive #captiveinsurance

Solvency II reform to reduce regulatory obligations on captives in Europe. The legislation, known as the EU's main piece of legislation in the insurance area, cites captives under its definition of ‘small and non-complex undertakings’. https://lnkd.in/eq6i83JS #captive #captiveinsurance

Solvency II reform to reduce regulatory obligations on captives in Europe. The legislation, known as the EU's main piece of legislation in the insurance area, cites captives under its definition of ‘small and non-complex undertakings’. https://lnkd.in/ehDK_5NY #captive #captiveinsurance

“In its Opinion EIOPA is calling on the European Commission to take the necessary actions to avoid disproportionate compliance efforts from small insurance undertakings in the transition period prior to the application of the revised Solvency II Directive.”

It was a privilege to present Insurance Europe's industry views today at the joint ECB - EIOPA workshop on Insurance Reporting in Frankfurt. We focused on key lessons from Taxonomy 2.8.0, such as the need for improved quality control, more timely communication, and better validation processes. 📝 Ensuring legal clarity and enhancing documentation structures were also discussed as important for smoother implementation. 📑 These improvements aim to significantly ease the reporting burden for the insurance industry. Looking forward to seeing these changes in action! ⚙️ #InsuranceIndustry #Taxonomy #EIOPA #ECB #SolvencyII #Reporting #InsuranceEurope

The CCP’s examination aims to scrutinise the competitive terrain, detect any anti-competitive practices, evaluate the legal and regulatory framework, and identify barriers to competition within the insurance sector. Read: https://lnkd.in/drRyuDB8