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
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.
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.
The PFSA presents on the website the latest publication Quarterly Bulletin. Insurance market 4/2014 .
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The PFSA presents on the website publication Quarterly Bulletin. Pension funds 4/2014