FERMA | Federation of European Risk Management Associations’ Post

Lightness in DORA scope for small insurers? EIOPA has taken a proportionately favourable approach for small insurance companies in its opinion of 14th November 2024, suggesting reliefs both to the European Commission and to National Competent Authorities. “EIOPA considers that this temporary application of DORA is disproportionate, as it would impose significant and unnecessary cost and administrative burden on these small entities during this period, without making a meaningful contribution to the primary objective of the DORA regulation. --- EIOPA invokes Article 9a of the EIOPA Regulation and is calling on the European Commission to amend Union Law accordingly. --- The Opinion also outlines EIOPA's expectation that National Competent Authorities should not prioritise DORA supervisory actions for these small insurance undertakings.”

Preparedness guide for Solvency II reforms in the United Kingdom. The UK Insurance industry is poised for a transformative journey with the adoption of Solvency II reforms, as outlined in the pivotal CP12/23 released in January 2024. Download your copy today to discover how your insurance business can be ready? https://lnkd.in/grmdbaJ7 #wolterskluwer #cchtagetik #insurance #solvencyII #solvency #PRA

Changes to Europe’s Solvency II regulation at technical level must be “fully aligned” with the intentions of the political agreement reached in December 2023, warned Insurance Europe. Representing national insurance associations across the bloc, Insurance Europe raised concerns that the European Commission’s technical work on the reforms “stay on course” to deliver promised changes to reduce ‘excessive’ solvency requirements and unlock capital, as well as cut the reporting burden. More here 👉 https://ow.ly/l1FL50RmvEL #EuropeInsurance #InsuranceEurope #EuropeanCommission European Commission

Changes to Europe’s Solvency II regulation at technical level must be “fully aligned” with the intentions of the political agreement reached in December 2023, warned Insurance Europe. Representing national insurance associations across the bloc, Insurance Europe raised concerns that the European Commission’s technical work on the reforms “stay on course” to deliver promised changes to reduce ‘excessive’ solvency requirements and unlock capital, as well as cut the reporting burden. More here 👉 https://ow.ly/l1FL50RmvEL #EuropeInsurance #InsuranceEurope #EuropeanCommission European Commission

Changes to Europe’s Solvency II regulation at technical level must be “fully aligned” with the intentions of the political agreement reached in December 2023, warned Insurance Europe. Representing national insurance associations across the bloc, Insurance Europe raised concerns that the European Commission’s technical work on the reforms “stay on course” to deliver promised changes to reduce ‘excessive’ solvency requirements and unlock capital, as well as cut the reporting burden. More here 👉 https://ow.ly/l1FL50RmvEL #EuropeInsurance #InsuranceEurope #EuropeanCommission European Commission

For any people in my network involved in Solvency II reporting - please check out our paper below on getting ready for incoming reforms!

Preparedness guide for Solvency II reforms in the United Kingdom The UK Insurance industry is poised for a transformative journey with the adoption of Solvency II reforms, as outlined in the pivotal CP12/23 released in January 2024. Download your copy today to discover how your insurance business can be ready? https://lnkd.in/grmdbaJ7 #wolterskluwer #cchtagetik #insurance #solvencyII #solvency #PRA

📣 Council of the European Union has just released the final draft versions of the #SolvencyII review and the #IRRD. Be sure to follow the latest developments and see how they impact your business! Links ⤵ Solvency II Review: https://lnkd.in/eGtppRDG Insurance Recovery and Resolution Directive: https://lnkd.in/e4J_uz9b #Insurance #Regulation #Finance #EU

Changes to Europe’s Solvency II regulation at technical level must be “fully aligned” with the intentions of the political agreement reached in December 2023, warned Insurance Europe. Representing national insurance associations across the bloc, Insurance Europe raised concerns that the European Commission’s technical work on the reforms “stay on course” to deliver promised changes to reduce ‘excessive’ solvency requirements and unlock capital, as well as cut the reporting burden. More here 👉 https://ow.ly/l1FL50RmvEL #EuropeInsurance #InsuranceEurope #EuropeanCommission European Commission

Insurance Europe has responded to a European Commission consultation on the functioning of the EU securitisation framework which closed on 4 December. In its response, Insurance Europe supports regulatory changes to improve the market for securitisations in line with the Commission's objectives. It outlines the issues challenges that (re)insurance undertakings face when investing in securitisations. ➡️ The European market for securitisations is currently neither sufficiently large nor liquid enough for many insurers to invest significantly in it. ➡️ Capital requirements remains a significant barrier for some insurers because the existing requirements for securitisations under the Solvency II standard formula are too high in relation to the actual risks. ➡️ The extensive due diligence requirements for institutional investors in securitisations, as a whole, lead to disproportionately high costs. They make securitisations less attractive for investors and put them at a disadvantage compared to other asset classes. While correcting the Solvency II capital charges and reducing the operational requirements will not necessarily lead to a direct increase in allocations to securitisations for all insurers, it is a necessary step to unlock the potential of the EU securitisation market. #Securitisation #SolvencyII #InsuranceMatters Read the full response here: https://lnkd.in/eNmhZRUF