EIOPA has launched five consultations on RTS and ITS regarding changes that are expected to be introduced to the regulatory framework as part of the SII review process.
- RTS on liquidity risk management
The draft RTS on liquidity risk management plans sets out the criteria defining which undertakings and groups should include medium- and long-term analyses in their liquidity risk management plans as well as specification on the content of the plans and the frequency at which they should be updated.
- RTS on exceptional sector-wide shocks
The draft RTS on exceptional sector-wide shocks provides criteria to supervisory authorities for identifying such shocks. At the time of exceptional shocks, supervisors may require insurers with a particularly vulnerable risk profile to restrict or suspend dividend payments, share buybacks or bonuses.
- RTS on undertakings under dominant/significant influence or managed on a unified basis
This draft RTS specifies factors for identifying insurance undertakings that are under dominant or significant influence, as well as those managed on a unified basis. These factors are relevant for supervisory authorities to identify and effectively supervise insurance groups.
- ITS on scenarios for best-estimate valuations for life insurance obligations
This ITS relates to a simplification of the valuation for life insurance obligations that will be introduced with the Solvency II review. The simplification is foreseen to be used by specific small and non-complex undertakings. The ITS sets out the methodology for deriving technical information that insurers will need when applying the simplification.
- RTS on enhancing the supervision of cross-border activities
This draft RTS sets out the conditions and criteria that need to be considered by host supervisors when determining the relevance of cross-border activities for their market.
Members are informed that EIOPA invites stakeholders to provide their feedback on the Consultation Papers listed above no later than 2 January 2025.
More information here.
Insurance Europe has sent responses to EIOPA:
- response to EIOPA’s consultation paper on liquidity risk management plans
- response to EIOPA’s consultation paper on the criteria for the identification of exceptional sector-wide shocks
- response to EIOPA’s consultation paper on undertakings under dominant/significant influence or managed on a unified basis
- response to EIOPA’s consultation paper on scenarios for best-estimate valuations for life insurance obligations
- response to EIOPA’s consultation paper on relevant insurance and reinsurance undertakings with respect to the host Member State’s market
- response to EIOPA consultation paper on criteria for selecting insurers to run macroprudential analyses
- response to EIOPA consultation on capital requirements in crypto assets