Insurance regulation

2021 China Wealth Forum Held in Qingdao

Retrieved on: 
Monday, July 26, 2021
Countries, State Council of the People's Republic of China, Banking in China, Insurance regulation, Financial services in China, Qingdao, Finance, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, China Securities, China

QINGDAO, China, July 26, 2021 /PRNewswire/ -- A news report by Qingdao Daily on 2021 China Wealth Forum:

Key Points: 
  • QINGDAO, China, July 26, 2021 /PRNewswire/ -- A news report by Qingdao Daily on 2021 China Wealth Forum:
    This year's China Wealth Forum themed "New Era, New Wealth,New Management" was held on July 24- 25 in Qingdao, East China's Shandong Province.
  • Attendees included leaders from the People's Bank of China, China Securities Regulatory Commission, China Banking and Insurance Regulatory Commission, senior executives from renowned financial institutions and corporate groups, and over 70 guests from famous universities and think tanks.
  • Xiao Yuanqi, vice chairman of the China Banking and Insurance Regulatory Commission, stressed that China has been fostering a new development paradigm.
  • The 2021 China Wealth Forum is a flagship event of Qingdao's Comprehensive Financial Reform Pilot Zone for Wealth Management, as well as a resourceful platform for the entire financial industry.

2021 China Wealth Forum Held in Qingdao

Retrieved on: 
Monday, July 26, 2021
Countries, State Council of the People's Republic of China, Banking in China, Insurance regulation, Financial services in China, Qingdao, Finance, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, China Securities, China

QINGDAO, China, July 26, 2021 /PRNewswire/ -- A news report by Qingdao Daily on 2021 China Wealth Forum:

Key Points: 
  • QINGDAO, China, July 26, 2021 /PRNewswire/ -- A news report by Qingdao Daily on 2021 China Wealth Forum:
    This year's China Wealth Forum themed "New Era, New Wealth,New Management" was held on July 24- 25 in Qingdao, East China's Shandong Province.
  • Attendees included leaders from the People's Bank of China, China Securities Regulatory Commission, China Banking and Insurance Regulatory Commission, senior executives from renowned financial institutions and corporate groups, and over 70 guests from famous universities and think tanks.
  • Xiao Yuanqi, vice chairman of the China Banking and Insurance Regulatory Commission, stressed that China has been fostering a new development paradigm.
  • The 2021 China Wealth Forum is a flagship event of Qingdao's Comprehensive Financial Reform Pilot Zone for Wealth Management, as well as a resourceful platform for the entire financial industry.

EIOPA consults on the approach to the supervision of run-off undertakings

Retrieved on: 
Saturday, July 24, 2021
Capital requirement, European Insurance and Occupational Pensions Authority, European Union, Insurance regulation, Solvency II, Government, Business law, Financial law

The European Insurance and Occupational Pensions Authority (EIOPA) issued today a consultation on the supervisory statement regarding the supervision of run-off undertakings.

Key Points: 
  • The European Insurance and Occupational Pensions Authority (EIOPA) issued today a consultation on the supervisory statement regarding the supervision of run-off undertakings.
  • The aim of the supervisory statement is to ensure that a high-quality and convergent supervision is applied to run-off undertakings or portfolios that are subject to Solvency II regulation.
  • Acquisition of run-off portfolios and run-off undertakings by other insurance undertakings is increasing and is attracting interest from specialised investment entities such as private equity.
  • The supervision of run-off undertakings is particularly challenging because of the specific risk profile of such undertakings e.g.

EIOPA consults on the amendments of supervisory reporting and disclosure requirements

Retrieved on: 
Saturday, July 24, 2021
Capital requirement, European Insurance and Occupational Pensions Authority, European Union, Insurance regulation, Money, Solvency II, Business law, Own risk and solvency assessment

The European Insurance and Occupational Pensions Authority (EIOPA) published today a consultation on the amendments of supervisory reporting and disclosure requirements under Solvency II.

Key Points: 
  • The European Insurance and Occupational Pensions Authority (EIOPA) published today a consultation on the amendments of supervisory reporting and disclosure requirements under Solvency II.
  • After a number of years of the implementation of Solvency II and the information received by national supervisory authorities it is important to ensure that the regular supervisory reporting remains fit for purpose.
  • In this consultation paper, EIOPA proposes amendments to the reporting requirements, which are mainly based on the Report on quantitative reporting templates published together with the 2020 Solvency II Opinion.
  • In addition to those changes, the proposals include simplification of quarterly reporting for all undertakings, elimination of some reporting templates for all undertakings and new thresholds to promote better risk-based and proportionate reporting requirements.

Moody’s Analytics and ACLI Support Revised Regulatory Capital Requirements Adopted by the NAIC for US Life Insurers

Retrieved on: 
Thursday, July 22, 2021
Professional services, Insurance, Finance, Insurance, Finance, Money, Insurance in the United States, Insurance regulation, Life insurance, National Association of Insurance Commissioners, American Council of Life Insurers, Moody's Corporation, NAIC, Analytics, Moody’s Analytics, The American Council of Life Insurers, MOODY’S ANALYTICS, THE AMERICAN COUNCIL OF LIFE INSURERS

Moodys Analytics and the American Council of Life Insurers (ACLI) commend the recent adoption by the National Association of Insurance Commissioners (NAIC) of revised risk-based capital (RBC) factors for bond investments.

Key Points: 
  • Moodys Analytics and the American Council of Life Insurers (ACLI) commend the recent adoption by the National Association of Insurance Commissioners (NAIC) of revised risk-based capital (RBC) factors for bond investments.
  • View the full release here: https://www.businesswire.com/news/home/20210722005354/en/
    Developed by Moodys Analytics, the revised bond factors adopted by state regulators at the NAIC are part of the regulatory framework for US life insurers and will apply to the credit component of regulatory capital requirements for about $3 trillion of assets, starting year-end 2021.
  • Moodys Analytics is pleased to have been able to provide support to state regulators for this effort leading to revised bond factors, which, we believe, are better aligned with economic risks, said Amnon Levy, Managing Director at Moodys Analytics.
  • Our collaboration with ACLI on recommendations to the NAIC is a testament to the important partnership we have with the insurance industry.

Consultation on the revision of the Solvency II Guidelines on Contract Boundaries and Valuation of Technical Provisions

Retrieved on: 
Friday, July 16, 2021
Capital requirement, Insurance, European Insurance and Occupational Pensions Authority, European Union, Insurance regulation, Solvency II, Money, Actuarial science, Reinsurance, Own risk and solvency assessment

The European Insurance and Occupational Pensions Authority (EIOPA) launched two consultations today on the revision of the Solvency II Guidelines on contract boundaries and the valuation of technical provisions, in place since the implementation of Solvency II in 2016.

Key Points: 
  • The European Insurance and Occupational Pensions Authority (EIOPA) launched two consultations today on the revision of the Solvency II Guidelines on contract boundaries and the valuation of technical provisions, in place since the implementation of Solvency II in 2016.
  • As part of the 2020 review of Solvency II, EIOPA identified several divergent practices regarding the implementation and supervision of calculation of technical provisions.
  • The Guidelines on contract boundaries promote a consistent application of an insurance or reinsurance contract boundary.
  • The Guidelines on valuation of technical provisions aim to increase consistency and convergence of professional practice for all types and sizes of undertakings across the EU Member States and to support undertakings in calculating their technical provisions under Solvency II.

EIOPA consults on the development of pension tracking services and pension dashboards

Retrieved on: 
Wednesday, July 14, 2021
Articles, Computing, Personal finance, Economy, European Insurance and Occupational Pensions Authority, European Union, Insurance regulation, Dashboard, Pension, Pan-European Pension, Capital Markets Union

The European Insurance and Occupational Pensions Authority (EIOPA) launched today two consultations on the development of pension tracking services and pension dashboards.

Key Points: 
  • The European Insurance and Occupational Pensions Authority (EIOPA) launched today two consultations on the development of pension tracking services and pension dashboards.
  • The proposals are an important step in helping citizens in their retirement planning and supporting the Member States in identifying emerging gaps in their pension systems.
  • The consultation paper on pensions dashboards sets out proposals for the development of pension dashboards, which will support the EU and the Member States in monitoring the adequacy and sustainability of pension systems.
  • The dashboard provides a comparable, transparent and up-to-date view of the adequacy and sustainability of national pension systems.

Opinion on the use of risk mitigation techniques by insurance undertakings

Retrieved on: 
Tuesday, July 13, 2021
Actuarial science, Articles, Insurance, European Insurance and Occupational Pensions Authority, European Union, Insurance regulation, Risk, Reinsurance, Mitigation, Own risk and solvency assessment

The European Insurance and Occupational Pensions Authority (EIOPA) has published today an Opinion on the use of risk mitigation techniques by insurance undertakings.

Key Points: 
  • The European Insurance and Occupational Pensions Authority (EIOPA) has published today an Opinion on the use of risk mitigation techniques by insurance undertakings.
  • The Opinion therefore addresses the use of risk mitigation techniques and includes a set of recommendations addressed to national competent authorities (NCAs) to ensure convergent supervision.
  • Risk mitigation techniques and, in particular reinsurance, are efficient tools for insurance and reinsurance undertakings to manage their risks according to their strategy and capacity.
  • The Opinion on the use of risk mitigation techniques by insurance undertakings is accompanied by animpact assessment and the feedback statement addressing the comments received during the public consultation.

Supervisory statement on supervisory practices and expectations in case of breach of the Solvency Capital Requirement

Retrieved on: 
Tuesday, July 13, 2021
Capital requirement, European Insurance and Occupational Pensions Authority, European Union, Insurance regulation, Insurance, Solvency II, Finance, Reinsurance, Money, Own risk and solvency assessment, Pan-European Pension

The European Insurance and Occupational Pensions Authority (EIOPA) published today the statement on supervisory practices and expectations in case of breach of the Solvency Capital Requirement (SCR).

Key Points: 
  • The European Insurance and Occupational Pensions Authority (EIOPA) published today the statement on supervisory practices and expectations in case of breach of the Solvency Capital Requirement (SCR).
  • With this supervisory statement EIOPA aims to foster supervisory convergence in the situations where insurance and reinsurance undertakings breach their capital requirement, in particular addressing the recovery plan required.
  • The supervisory practices in such situations need to be flexible and should consider the specific situation of the insurance or reinsurance undertaking.
  • Solvency II allows supervisory authorities to take early actions, therefore acting promptly to ensure supervisory convergence in this area is needed.

EIOPA further contributes to sustainable finance

Retrieved on: 
Friday, July 9, 2021
European Insurance and Occupational Pensions Authority, European Union, Insurance regulation, Insurance, Money, Climate change adaptation, Prudential, Government, Pan-European Pension

The European Insurance and Occupational Pensions Authority (EIOPA) issued today three publications as part of its activities on sustainable finance.

Key Points: 
  • The European Insurance and Occupational Pensions Authority (EIOPA) issued today three publications as part of its activities on sustainable finance.
  • EIOPAs deliverables support the EU Commissions new Sustainable Finance Strategy in striving for greater protection against climate and environmental risks through insurance coverage, and integrating sustainability risks in the prudential framework for insurers.
  • As the next step, EIOPA will focus on exploring a risk-based prudential treatment of insurance products related to climate change adaptation.
  • Finally, EIOPA will consider investigating the potential for long-term non-life contracts, considering the need to develop innovative solutions.