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Insurers and Insurance Intermediaries
Commission invites European Supervisory Authorities to amend PRIIPs rules and develop guidance
The European Supervisory Authorities (ESAs) – the European Banking Authority (EBA), European Securities and Markets Authority (ESMA) and European Insurance and Occupational Pensions Authority (EIOPA) – have received a letter from the European Commission setting out the amendments it proposes to make to the draft regulatory technical standards (RTS) on key information documents (KID) for …
Commission extends the application date of the PRIIPs Regulation by one year
The Commission has today proposed an extension to the date of application of the Regulation on Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPs). This one-year extension is being proposed exceptionally in the interest of ensuring a smooth implementation for European consumers and to ensure legal certainty for the sector. The PRIIPs …
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BaFIN focuses on Institutions posing systemic risk in monthly roundup
The German financial regulator BaFIN has today published its May issue of the BaFIN Journal. The regulator publishes this monthly bulletin that contains technical articles, interviews and reports on important national and international regulatory issues as well as the official announcements of insurance supervision. This month’s issue focuses amongst other topics on: Institutions that pose …
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PRA proposes reporting requirements for non-Solvency II insurance firms
The PRA today published a consultation paper on Reporting requirements for non-Solvency II insurance firms – CP18/16. This consultation paper (CP) sets out proposals for new reporting rules in the Prudential Regulation Authority (PRA) Rulebook that would apply to insurance firms that are outside the scope of Solvency II from 1 January 2016. Collectively, these firms are referred to as non-directive firms …
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EIOPA publishes Preparatory Guidelines on Product Oversight and Governance
Today the European Insurance and Occupational Pensions Authority (EIOPA) published Preparatory Guidelines on Product Oversight and Governance (POG) arrangements to be followed by insurers (manufacturers of insurance products) and distributors. These Guidelines provide early guidance and support national authorities and market participants with the implementation of POG requirements in preparation for formal requirements provided for …
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PRA publishes February Regulatory Digest
The Prudential Regulation Authority (PRA) has today published its February Regulatory Digest, which is aimed at people interested in the UK financial services industry and highlights key regulatory news and publications delivered for the month. This month’s issue highlights the following top news and publications: PRA and FCA statement on compliance with the EBA guidelines on Sound Remuneration Policies. PRA fines and bans Colin McIntosh, CEO of …
FCA issues PS16/5 on accountability in banking and insurance
The FCA today has published the Policy Statement PS16/5: Strengthening accountability in banking and insurance: implementation of SM&CR and SIMR, and PRA requirements on regulatory references. This policy statement contains, among other things, the PRA and FCA final rules to implement the proposals for applying the Senior Insurance Managers Regime (SIMR) to Swiss general insurers. In …
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ESAs consults on PRIIPs Key Information Documents
The Joint Committee of the European Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA – has launched its Joint Consultation Paper on PRIIPs Key Information Documents to gather stakeholder views on proposed rules on the content and presentation of the Key Information Documents (KID). The KID, once finalised and implemented, aims to provide EU retail …
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