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23 May, 2015 Saturday
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Quarterly Bulletin. Pension funds 1/2015

The PFSA presents on the website publication Quarterly Bulletin. Pension funds 1/2015

Banking sector - monthly data

The PFSA presents on the website: Banking sector - ordinary data 03/2015

Critical errors in internal models

The PFSA presents the List of critical errors in internal models of insurance undertakings.

EIOPA publishes the discussion paper on infrastructure investments by insurers

The European Insurance and Occupational Pensions Authority (EIOPA) invites (re)insurance stakeholders and market participants to provide their feedback on the discussion paper on infrastructure investments by insurers. The paper sets out initial ideas on the following topics:

• Definition of infrastructure investments that offer predictable long-term cash-flows and whose risks can be properly identified, managed and monitored by insurers;
• Possible criteria for this new category of infrastructure investments covering issues such as standardisation and transparency;
• Prudentially sound treatment of the identified investments within a risk based supervisory system, focusing on their specific risk profile;
• Effectiveness of the current Solvency II risk management requirements in ensuring that the risks of this complex and, for insurers, relatively new asset class, are properly managed.

Stakeholders will have the opportunity to provide detailed input on all the aspects of the discussion paper.

The consultation period will end on 26 April 2015. Please note that comments submitted after the deadline or not submitted on the provided template cannot be processed.


The consultation paper and the template for comments click here 

Legal background

In February 2015, the EC requested EIOPA to provide the technical advice on the identification and calibration of infrastructure investment risk categories in the Commission Delegated Regulation (2015/35) supplementing the Solvency II Directive (2009/138/EC).

The draft Advice to the EC will also be publicly consulted at a later stage.

 

Coordination Arrangements signed for Colleges of supervisors of insurance groups with internal models: important step for the introduction of Solvency II

Members of the EIOPA’s Board of Supervisors and EIOPA’s Chair Gabriel Bernardino signed Coordination Arrangements for all Colleges of supervisors of insurance groups with internal models. These arrangements are important for the successful introduction of Solvency II, because they lay the basis for future cooperation within colleges including their decision making procedures.

Solvency II is a huge step forward for the single market. But good regulation remains just a first step. The real challenge will be to ensure that Solvency II is implemented in a consistent way throughout the EU. EIOPA is instrumental in delivering the desired outcomes and since 2013 EIOPA started to refocus its strategic approach in the insurance area from regulation to supervision. Colleges of supervisors, being platforms to enhance the supervision of cross-border insurance and re-insurance groups, are instrumental to the shift from regulation to supervision.


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Dictionary

The accounts of OPF members
Individual accounts held at the open funds for their members, where the contributions are paid in the amount and on terms established in separate laws. On accession to a fund, the fund opens an account for the new member to which contributions and transfer payments are paid.
Insurance risk
Commonly understood as an event covered with an insurance; more precisely - the probability of such event taking place.
Payment Services Office
A natural person, a legal person and an organisation unit, which is not a legal person and which, according to the law on payment services, ensures legal capacity to act, which provides payment services to the maximum value of 500 000 EUR a month.
The second pillar of Polish pension system
The mandatory capital part of the pension system, including open pension funds, which are managed by private operators - general pension societies. Similar to the first pillar - the contributions to the second pillar are mandatory (for anyone born after 31 December 1948), but it is possible to choose another fund among those operating on the market. It is also possible to change a fund into another one. An important difference, compared to the first pillar, is that the resources collected in this pillar are invested and may be inherited. The operation of pension funds is subject to detailed provisions and state supervision. The second pillar receives 7,3% of the basic contribution.
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