On 14 June 2013, the European Insurance and Occupational Pensions Authority (EIOPA) published its findings on the Long-Term Guarantee Assessment (LTGA). EIOPA concluded that the final Long-Term Guarantee (LTG) package to be included in the Solvency II framework should fulfil the following principles:
- Alignment with the Solvency II framework and the economic balance sheet concept
- Full consistency and comparability so as to enhance the single market
- Efficient linking of all three pillars (quantitative basis, qualitative basis and enhance reporting and disclosure)
- Proportionality and simplicity
- Adequate treatment of transitional issues
EIOPA has also issued the following notable publications in recent months:
- Results of Peer Reviews of Internal Models (July 2013)
- An opinion on Payment Protection Insurance (June 2013)
- The 2013 Half-Year Financial Stability Report (June 2013)
- EIOPA’s Risk Dashboard (June 2013)
- A decision by the Joint Board of Appeal of the European Supervisory Authorities (June 2013)
- EIOPA’s Annual Report 2012 (June 2012)
- EIOPA’s comment letter to the OECD’s Draft Effective Approaches to Support the Implementation of the G20 High-Level Principles of Financial Consumer Protection (May 2013)
- A report by the Joint Committee of the European Supervisory Authorities on cross-sectoral risks facing the EU financial system (April 2013)
The following consultations have also been launched:
- Possible EU-single Market for Personal Pension Products (consultation closes 16 August 2013)
- Draft Report on Good Supervisory Practices Regarding Knowledge and Ability Requirements for Distributors of Insurance Products (consultation closes 23 September 2013)
- Draft Report on Good Practices on Comparison Websites (consultation closes 23 September 2013)
