Tag Archives: Solvency 2

EIOPA speaks on future disruption to the insurance industry

Dr. Manuela Zweimüller, Head of Policy Department at EIOPA, has delivered a speech on what will the future hold? The European insurance industry in times of major disruption. The speech highlights challenges in respect of InsurTech, Brexit and Regulatory stability. EIOPA considers that the insurance industry needs to reinvent itself in respect of InsurTech and […]

PRA consults on fees and levies for insurers and designated investment firms

PRA has published a consultation paper on model transaction fees, fees and FSCS levies for insurers and fees for designated investment firms. The consultation paper is relevant to  insurers and designated investment firms, as well as firms which have, or intend to apply in the future for, Solvency 2 or CRR models. The consultation paper sets […]

EIOPA publishes opinion on supervisory convergence in light of Brexit

EIOPA has provided an Opinion addressed to national supervisory authorities on supervisory convergence in light of the UK’s withdrawal from the EU. EIOPA acknowledges that insurers may be seeking to relocate to or set up a new business in the EU in order to maintain access to the EU single market after Brexit. EIOPA comments […]

BoE responds to risks in life and general insurance sectors

David Rule, Executive Director of Insurance Supervision at BoE delivered a speech on 6 July at the Association of British Insurers (ABI) with a focus on risks and BoE’s supervisory priorities in the life and general insurance sectors. BoE is concerned with risk concentrations and the impact of the current market conditions. For example, in […]

PRA response on dealing with a market turning event in the general insurance sector

PRA has published a supervisory statement (SS) and policy statement, relevant to all Solvency II firms, on dealing with a market turning event in the general insurance sector. The statements follow responses to an earlier consultation paper and an industry-sponsored dry-run exercise of a catastrophic loss event. The SS is aimed at Solvency 2 firms […]

PRA publishes supervisory statement on cyber insurance underwriting risk

PRA has published a policy statement and supervisory statement on cyber insurance underwriting risk. The statements are relevant to all UK non-life insurance and reinsurance firms and groups within the scope of Solvency II including Lloyd’s and managing agents. The supervisory statement sets out PRA’s final expectations regarding the prudent management of cyber underwriting risk, […]

PRA issues policy statement on matching adjustment under Solvency 2

Following 12 responses received to the earlier consultation paper, PRA has issued a policy statement on matching adjustment – illiquid unrated assets and equity release mortgages. The policy statement includes the final supervisory statement, which sets out the PRA’s expectations. The policy statement is relevant to life insurance and reinsurance companies holding or intending to […]

EIOPA calls for recovery and resolution framework for insurers

EIOPA has published an Opinion, which proposes a minimum harmonised and comprehensive recovery and resolution framework in the area of recovery and resolution for Solvency 2 (re)insurers. EIOPA’s view is that although Solvency 2 has reduced the likelihood of insurers failing in the future, it is not designed to completely eliminate this risk. Given the […]

EIOPA consults on first set of advice on Solvency II review

 EIOPA has launched a project in a response to the call for advice by the EC and has published a consultation paper on the first set of advice. EIOPA’s focus is on the review of Commission Delegated Regulation (EU) 2015/35 and in particular the Solvency Capital Requirement (SCR) standard formula. The main goals of the review […]

EIOPA publishes first Solvency 2 statistics

EIOPA has published the first set of quarterly statistics on quantitative Solvency II reporting from insurance undertakings and groups in the EU and EEA. The statistics contain aggregated country level information about the balance sheet, own funds, capital requirements, premiums, claims and expenses and  refer to the latest information available at the extraction date.