Financial Services Regulation and Compliance - Insurance June 2019
CBI publishes latest Insurance Quarterly Newsletter
The CBI published the latest edition of its Insurance Quarterly Newsletter in June 2019. Featured topics include (among other items): the address by Deputy Governor Ed Sibley at the 2019 Insurance Ireland Annual Lunch, the results of the CBI's 2018 demographic analysis of the gender breakdown for PCF roles and the CBI's view of the operational resilience of Irish insurance entities. The newsletter also provides a series of insurance updates on a range of topics including: the evolution of (re)insurer's asset allocations, information on the submission of Solvency and Financial Condition Reports, EIOPA's draft opinion on Sustainability within Solvency II and EIOPA's thematic review on the use of Big Data Analytics in the motor and health insurance sector.
CBI publishes general good rules arising from the IDD
The CBI has published general good rules arising from the IDD that insurance distributors and (re)insurers must adhere to when operating in Ireland on a cross-border basis. The list of rules provided is indicative and without prejudice to other general good rules which are applicable to regulated entities in Ireland. The CBI intends to update the list regularly.
EIOPA publishes Annual Report 2018
On 14 June 2019, EIOPA published its Annual Report for 2018. This report provides an overview of EIOPA's activities and achievements during 2018, particularly in the areas of consumer protection, supervisory convergence, financial stability and Brexit.
EIOPA publishes consultation paper on an opinion on sustainability within Solvency II
On 3 June 2019, EIOPA published a consultation paper seeking comments on its draft opinion on sustainability in Solvency II. The draft opinion forms part of EIOPA's strategic activities on sustainable finance and follows a call for an opinion from the European Commission. The draft opinion builds on EIOPA's previous advice to the Commission on the integration of sustainability risks and factors in the delegated acts under Solvency II and the IDD. Comments on the draft opinion are sought until 26 July 2019.
EIOPA publishes technical information for Solvency II relevant risk free interest rate term structures
On 6 June 2019, EIOPA published technical information on relevant risk free interest rate term structures with reference to the end of May 2019.
EIOPA, ECB, National Central Banks and National Authorities agree common minimum standards for supervisory and statistical reporting by (re)insurance undertakings
On 13 June 2019, EIOPA and the ECB published common minimum standards for data revisions. Given the integrated reporting approach followed for supervisory and statistical reporting to EIOPA and the ECB, a common understanding of the minimum level of data quality is required as well as when a revision of data is considered necessary. Common minimum standards are specified for the following areas:
- the request for data revisions
- synchronisation of data
- timeliness of revisions
- the need for historical revisions
Commission Delegated Regulation (EU) 2019/981 amending Solvency II Delegated Regulation (EU) 2015/35 published in the Official Journal of the EU
On 18 June 2019, Commission Delegated Regulation (EU) 2019/981(CDR 2019/981) amending Solvency II Delegated Regulation ((EU) 2015/35), was published in the Official Journal of the EU. CDR 2019/981 amends the Solvency II Delegated Regulation in a number of ways including provisions on calculating the solvency capital requirement. It enters into force on 8 July 2019. However, in order to avoid disruptions to the non-life and health insurance market, certain provisions relating to the calculation of non-life and health premium and reserve risk won't apply until 1 January 2020. On 25 June 2019, the OJ published a corrigendum to CDR 2019/981 amending Article 1(48).
For more information on this topic please contact any member of A&L Goodbody's Financial Regulation team.
Date published: 10 July 2019