European Insurance and Occupational Pensions Authority

European Supervisory Authorities publish joint criteria on the independence of supervisory authorities

Retrieved on: 
Thursday, November 9, 2023
Review, European Insurance and Occupational Pensions Authority, European Securities and Markets Authority, European Banking Authority, ESMA, EBA, EIOPA, Pension, Pension fund, Property management, European, EU

25 October 2023

Key Points: 
  • 25 October 2023
    The three European Supervisory Authorities– the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA) and European Securities and Markets Authority (ESMA) (EBA, EIOPA and ESMA – the ESAs) – today published their joint criteria on the independence of supervisory authorities.
  • Supervisory independence is key to ensure that fair, effective and transparent decisions are taken by appropriately resourced supervisory authorities.
  • Building on these reports and based on the 2021 EIOPA’s criteria and international standards, the ESAs further worked together to issue joint criteria on the independence of supervisory authorities.
  • The criteria can be used by supervisory authorities as a tool to enhance their independence and, at a later stage, by the ESAs to assess supervisory independence in the EU.

The EBA consults on draft Guidelines on recovery plans for issuers of asset-referenced tokens and e-money tokens under MiCAR

Retrieved on: 
Thursday, November 9, 2023
Crypto, European Insurance and Occupational Pensions Authority, Policy, European Securities and Markets Authority, EIOPA, Authority, Face, The, Emergency medical technician, BRRD, Resolution, ART, Guideline, European, EMT, European Banking Authority, ESMA, Compliance, Article, EBA, Cryptocurrency, EU

08 November 2023

Key Points: 
  • 08 November 2023
    The European Banking Authority (EBA) today launched a consultation on draft Guidelines on recovery plans to be drafted by issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs).
  • These draft Guidelines set out the requirements with respect to the format of the recovery plans and the information to be included therein.
  • This consultation together with other consultations papers published today form part of the third batch of MiCAR policy products.
  • Supervision tasks are conferred on the EBA for ARTs and EMTs that are determined by the EBA to be significant.

European Supervisory Authorities publish joint criteria on the independence of supervisory authorities

Retrieved on: 
Thursday, November 9, 2023
Review, European Insurance and Occupational Pensions Authority, European Securities and Markets Authority, European Banking Authority, ESMA, EBA, Accountability, Supervision, EIOPA, Government, Pension, Pension fund, Property management, European, EU

European Supervisory Authorities publish joint criteria on the independence of supervisory authorities

Key Points: 
  • European Supervisory Authorities publish joint criteria on the independence of supervisory authorities
    The three European Supervisory Authorities– the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA) and European Securities and Markets Authority (ESMA) (EBA, EIOPA and ESMA – the ESAs) – today published their joint criteria on the independence of supervisory authorities.
  • Supervisory independence is key to ensure that fair, effective and transparent decisions are taken by appropriately resourced supervisory authorities.
  • Building on these reports and based on the 2021 EIOPA’s criteria and international standards, the ESAs further worked together to issue joint criteria on the independence of supervisory authorities.
  • Next steps
    The criteria can be used by supervisory authorities as a tool to enhance their independence and, at a later stage, by the ESAs to assess supervisory independence in the EU.

Clearwater Report Finds 90% of Insurers at a Disadvantage with Current Operating Models

Retrieved on: 
Tuesday, October 17, 2023
NYSE, DACH, Machine learning, AI, Software as a service, Ageing, Digital, Progress, Growth, Accounting, Clearwater Analytics, European Insurance and Occupational Pensions Authority, SIONICS, Retail, Sales

BOISE, Idaho, Oct. 17, 2023 /PRNewswire/ -- Clearwater Analytics (NYSE: CWAN), a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions, today released the latest findings from a collaborative report, The Digital Promise: Operational Challenges, Approaches, and Progress for European Insurers, with specialist consultancy firm Sionic. European insurers are facing complex challenges and opportunities in the era of digital transformation. Download the report today.

Key Points: 
  • Top findings in the report include:
    Ninety-eight percent of European insurers agree a digital data strategy is the top priority to creating a competitive advantage for future success.
  • In a clean sweep, 100% of respondents see the cost of IT increasing over the next three years, with 90% believing current operating models do not support future business needs.
  • "Insurers that embrace a new digital operations model and access trusted data can rewrite their future," said Josef Sommeregger, Head of DACH at Clearwater Analytics.
  • Download The Digital Promise: Operational Challenges, Approaches, and Progress for European Insurers report and request your demo from Clearwater Analytics today.

Clearwater Report Finds 90% of Insurers at a Disadvantage with Current Operating Models

Retrieved on: 
Tuesday, October 17, 2023
NYSE, DACH, Machine learning, AI, Software as a service, Ageing, Digital, Progress, Growth, Accounting, Clearwater Analytics, European Insurance and Occupational Pensions Authority, SIONICS, Retail, Sales

BOISE, Idaho, Oct. 17, 2023 /PRNewswire/ -- Clearwater Analytics (NYSE: CWAN), a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions, today released the latest findings from a collaborative report, The Digital Promise: Operational Challenges, Approaches, and Progress for European Insurers, with specialist consultancy firm Sionic. European insurers are facing complex challenges and opportunities in the era of digital transformation. Download the report today.

Key Points: 
  • Top findings in the report include:
    Ninety-eight percent of European insurers agree a digital data strategy is the top priority to creating a competitive advantage for future success.
  • In a clean sweep, 100% of respondents see the cost of IT increasing over the next three years, with 90% believing current operating models do not support future business needs.
  • "Insurers that embrace a new digital operations model and access trusted data can rewrite their future," said Josef Sommeregger, Head of DACH at Clearwater Analytics.
  • Download The Digital Promise: Operational Challenges, Approaches, and Progress for European Insurers report and request your demo from Clearwater Analytics today.

ESA’s Joint Board of Appeal dismisses appeal by Euroins Insurance Group AD against the European Insurance and Occupational Pensions Authority

Retrieved on: 
Friday, August 4, 2023
European Insurance and Occupational Pensions Authority, Case Law of the Boards of Appeal of the European Patent Office, Board, AD, Pension, Taith Joint Board, EIOPA, Financial adviser

ESA’s Joint Board of Appeal dismisses appeal by Euroins Insurance Group AD against the European Insurance and Occupational Pensions Authority

Key Points: 
  • ESA’s Joint Board of Appeal dismisses appeal by Euroins Insurance Group AD against the European Insurance and Occupational Pensions Authority
    The Joint Board of Appeal (“The Board”) of the European Supervisory Authorities (ESAs) unanimously decided that the appeal brought by Euroins Insurance Group AD (“Euroins”) against the European Insurance and Occupational Pensions Authority (EIOPA) is inadmissible.
  • The appeal was brought in relation to an EIOPA Report assessing the valuation of Euroins’ technical provisions.
  • Euroins requested the Board of Appeal to annul the EIOPA Report as, according to Euroins, EIOPA acted in excess of its regulatory powers and infringed Euroins Romania’s rights as well as the principles of proportionality, independence, objectivity, and transparency.
  • The Board found that the EIOPA report did not have a legally binding effect on national authorities and hence cannot be challenged.

ESA’s Joint Board of Appeal dismisses appeal by Euroins Insurance Group AD against the European Insurance and Occupational Pensions Authority

Retrieved on: 
Friday, August 4, 2023
European Insurance and Occupational Pensions Authority, Case Law of the Boards of Appeal of the European Patent Office, Board, Taith Joint Board, Pension, EIOPA

03 August 2023

Key Points: 
  • 03 August 2023
    The Joint Board of Appeal (“The Board”) of the European Supervisory Authorities (ESAs) unanimously decided that the appeal brought by Euroins Insurance Group AD (“Euroins”) against the European Insurance and Occupational Pensions Authority (EIOPA) is inadmissible.
  • The appeal was brought in relation to an EIOPA Report assessing the valuation of Euroins’ technical provisions.
  • Euroins requested the Board of Appeal to annul the EIOPA Report as, according to Euroins, EIOPA acted in excess of its regulatory powers and infringed Euroins Romania’s rights as well as the principles of proportionality, independence, objectivity, and transparency.
  • The Board found that the EIOPA report did not have a legally binding effect on national authorities and hence cannot be challenged.

EBA publishes validation requirements on initial margin models

Retrieved on: 
Friday, July 7, 2023
RTS, European Insurance and Occupational Pensions Authority, European Market Infrastructure Regulation, European Banking Authority, Financial Services and Markets Authority (Belgium), Civil service commission, Opinion, BCBS, European Securities and Markets Authority, Article, EBA, IM, Committee of Wise Men on the Regulation of European Securities Markets, European, Basel Committee on Banking Supervision, OTC, Bank, Compliance, International Organization (journal), International Organization of Securities Commissions, EMIR, Securities commission, European Commission, IOSCO, Cryptocurrency, Medical device, EU

06 July 2023

Key Points: 
  • 06 July 2023
    The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) on Initial Margin Model Validation (IMMV) under the European Markets Infrastructure Regulation (EMIR).
  • These draft RTS set out the supervisory procedures to ensure the prudent use of initial margin models for OTC derivatives.
  • The requirements set out in the RTS envisage a phased-in implementation of the supervisory requirements to ensure a smooth model validation process.
  • Jointly with the RTS, the EBA published an Opinion on IMMV, calling on co-legislators and the European Commission to consider the establishment of a centralised validation function at the EBA to ease the coordination issues linked to the validation of IM models that have industry-wide application.

Aegon’s group supervision to transfer from Dutch Central Bank to Bermuda Monetary Authority

Retrieved on: 
Friday, June 30, 2023
Insurance, European Insurance and Occupational Pensions Authority, EIOPA, Capital market, Bermuda Monetary Authority, BMA, Aegon N.V., Central bank, Commonwealth of Australia (US securities entity), EGM, DNB, Solvency, Cyprus Securities and Exchange Commission, NAIC, Share repurchase, Dirección General de Seguros y Fondos de Pensiones, EUR, F-4, Euronext Amsterdam, Form, Holding, Insurance commissioner, Pension, NYSE, Security (finance), Cryptocurrency, Management, Bank, EU, Aegon

Consequently, group supervision to move from the Dutch Central Bank (DNB) to the Bermuda Monetary Authority (BMA)

Key Points: 
  • Consequently, group supervision to move from the Dutch Central Bank (DNB) to the Bermuda Monetary Authority (BMA)
    The Hague, June 30, 2023 - Aegon today announces that it intends to move its legal seat to Bermuda.
  • Subsequently, Aegon’s group supervision will transfer from the DNB to the BMA.
  • “I welcome the transfer of group supervision from the DNB to the BMA,” said Lard Friese, Aegon’s CEO.
  • The BMA will assume the role of group supervisor following the transfer of Aegon’s legal domicile.

ESA’s Board of Appeal dismissed request for suspension in the appeal by Euroins Insurance Group AD against EIOPA

Retrieved on: 
Sunday, June 18, 2023
Romania, European Insurance and Occupational Pensions Authority, Case Law of the Boards of Appeal of the European Patent Office, Board, AD, Pension, EIOPA

09 June 2023

Key Points: 
  • 09 June 2023
    The Board of Appeal of the European Supervisory Authorities (ESAs), in the appeal brought by Euroins Insurance Group AD against the European Insurance and Occupational Pensions Authority (EIOPA), unanimously decided, on 8 June 2023, to dismiss the applications for suspension.
  • The Board of Appeal concluded that the applications for interim measures of suspension must be dismissed as Euroins Insurance Group had failed to establish that the conditions, as per Article 10(1) and 10(2) of the Rules of Procedure of the Board of Appeal had been met.
  • These conditions relate to urgency and impending serious and irreparable harm caused by the EIOPA Report published on 28 March 2023 and titled “EIOPA’s assessment of the valuation of technical provisions gross and net of reinsurance for the motor third party liability portfolio of Euroins Romania Asigurare-Reasigurare”.
  • Franca Rosa Congiu
    [email protected] | +33 1 86 52 7052 | Follow @EBA_News