What is EIOPA regulation?

What is EIOPA regulation?

Development of a single rule book for insurance and pensions in the EU. EIOPA is empowered to draft regulatory and implementing technical standards, develop guidelines, recommendations and provide opinions to the EU institutions on the relevant European legislative acts.

What does the acronym EIOPA stand for?

European Insurance and Occupational Pensions Authority (EIOPA)

Are EIOPA guidelines binding?

Guidelines and Recommendations Even though they are not legally binding, competent authorities and financial institutions shall make every effort to comply with them, subject to review by EIOPA.

Where is EIOPA located?

Location. The head office of EIOPA is still in the place of its predecessor, Frankfurt. EIOPA is accountable to the European Parliament and the council, like its two other peers, ESMA and the EBA.

What is eiopa Solvency II?

Solvency II is the prudential regime for insurance and reinsurance undertakings in the EU. It has entered into force in January 2016. Solvency II sets out requirements applicable to insurance and reinsurance companies in the EU with the aim to ensure the adequate protection of policyholders and beneficiaries.

When did Solvency II go live?

Following an EU Parliament vote on the Omnibus II Directive on 11 March 2014, Solvency II came into effect on 1 January 2016.

What are implementing technical standards?

These Implementing Technical Standards (ITS) aim at implementing uniform reporting requirements which are necessary to ensure fair conditions of competition between comparable groups of credit institutions and investment firms.

Which countries are covered by European travel insurance?

Which countries does European travel insurance cover?

• Andorra.
• Iceland.
• Liechtenstein.
• Monaco.
• Norway.
• San Marino.
• Switzerland.
• Turkey.

What is EIOPA risk free rate?

EIOPA publishes the Ultimate forward rate (UFR) for 2023 As of 1 January 2023, the applicable UFR for the euro will remain unchanged at 3.45%.

What are the three pillars of Solvency II?

Three areas of investigation, size and composition, board self-assessment processes and board remuneration policies, are covered by the survey. The results show a satisfactory level of compliance of the boards with respect to the requirements established by Solvency II.

What is SCR in insurance?

The solvency capital requirement is the amount of funds that insurance and reinsurance companies are required to hold under the European Union’s Solvency II directive in order to have a 99.5% confidence they could survive the most extreme expected losses over the course of a year.

What are the Solvency II regulations?

Solvency II sets out regulatory requirements for insurance firms and groups, covering financial resources, governance and accountability, risk assessment and management, supervision, reporting and public disclosure.

Who enforces Solvency II?

Level 4 – Post-implementation enforcement After the deadline for implementation, the European Commission is responsible for ensuring that member states are complying with the legislation. If they are not doing so, the Commission will take enforcement action.

Which insurers are subject to Solvency II?

Solvency II will apply to most insurers and reinsurers with their head office in the European Union (EU), including mutuals, and companies in run-off unless their annual premium income is less than €5 million.