EIOPA speaks on insurance and pensions

The Chairman of the European Insurance and Occupational Pensions Authority (EIOPA), Gabriel Bernardino, delivered a speech at EIOPA’s 7th annual conference on Insurance and Pensions Reloaded: A Game Changer.

The speech covered the following four themes that cross over EIOPA’s main strategic priorities:

  • Maintaining sound regulation in an evolving landscape – this included a discussion on the development of the proposed regulation on the Pan-European Personal Pension Product.
  • Supervisory convergence and the building up of a common European – Mr Bernardino referred to the publication of EIOPA’s paper on a common supervisory culture.
  • Reinforcing consumer protection in a digital age –EIOPA will be particularly interested in understanding how, in practice, the different National Competent Authorities  intend to supervise and enforce the IDD requirements, particularly the product oversight and governance and the conflict of interest rules.
  • Preserving stability in an uncertain world – Mr Bernardino discussed EIOPA’s Opinion calling for a minimum degree of harmonisation in the field of recovery and resolution for insurers.

With regard to Insurtech, EIOPA’s three main priorities for 2018 will be the use of big data by insurers, cyber risk and the mapping of supervisory approaches to innovation.