Generali’s Post

Sustainability claims and greenwashing: Insurance Europe and the CRO Forum share views on European Insurance and Occupational Pensions Authority (EIOPA)’s draft opinion. In their response, Insurance Europe and the CRO Forum stress the importance of ensuring consistency with existing EU legislations. They also argue that given the different regulatory approaches found across the EU, supervision requirements must apply in a uniformed way in all Member States. They further note that there is a lack of clarity on the interplay between the EU’s Green Claims Directive and the Empowering Consumers for the Green Transition Directive that could lead to substantial implementation risks regarding the lack of coordination between these two texts and EIOPA’s Opinion. Read on: https://lnkd.in/ejPcGxPQ

On July 1, 2024, the European Insurance and Occupational Pensions Authority (EIOPA) announced an amendment to its Decision of 10 June 2021, introducing a new annex to aid supervisory cooperation for (re)insurance undertakings relocating within the EU. Key Points: 1. Active and Early Engagement: Emphasis on proactive communication between supervisors in both the departure and destination countries. 2. Continuous Supervision: Ensures that relocating entities provide uninterrupted services under consistent supervision. 3. Structured Transfer: Facilitates a smooth transfer of supervisory information and knowledge. 4. Technical Assistance: EIOPA may offer technical support to supervisory authorities, particularly in complex cases. Background: The 'Mobility Directive' (Directive (EU) 2019/2121) strengthens the rights of limited liability companies to convert, merge, or divide across borders within the EU. This includes insurance and reinsurance undertakings, ensuring a smooth transition of supervisory duties. For more information, read the Annex here - https://lnkd.in/g36QF4R7 Follow Global Regulatory Insights for the latest updates on regulatory changes, supervisory cooperation, and industry insights impacting the insurance and reinsurance sectors within the EU and beyond. #Insurance #Reinsurance #EIOPA #SupervisoryCooperation #MobilityDirective #Regulation #GRI #FinancialServices

How can the #insurance industry contribute to create a more resilient, competitive, and prosperous Europe? This was the enthusiastic topic 💡 that was discussed yesterday during the Insurance Europe's breakfast on #InsuranceMatters, which included Stéphanie Yon-Courtin from the European Parliament, Fausto Parente from European Insurance and Occupational Pensions Authority (EIOPA), and Tilman Lueder from the European Commission. Insurers are well placed to support the European economic and societal policy agenda and can help address many of the major challenges of our time. Here are a few ways how: 👉 by providing an extra layer of protection for European citizens and businesses 👉 by helping people save for retirement and therefore support governments mitigate the pillar one financing problems 👉 by contributing to climate resilience 👉 by investing to support European growth and the sustainable transition Together, Insurance Europe members and our key public stakeholders can have a positive impact and make the difference!

On 15 January 2024, the European Insurance and Occupational Pensions Authority ("EIOPA") published its second report on the application of the Insurance Distribution Directive ("IDD") ("Report"). The Report covers the period 2022 and 2023, highlighting relevant changes in the application of the IDD compared to the last reporting period, and examines how the IDD has been applied in European Union ("EU") Member States by the insurance industry and national competent authorities ("NCAs"). It considers the impact of the IDD on consumers, insurance distributors and supervisory activities with respect to the structure of the EU insurance distribution market and the regulatory and supervisory framework.

Sustainability is far more than just a buzzword and can be a key factor influencing consumer choices. This is why it is crucial to have common European principles in place in order to navigate challenges such as greenwashing. Read all about EIOPA's opinion on Sustainability Claims:

The Surrey Local Pension Board meets on 16 February for updates on communications policy, risk register, administration performance for quarter 3 and the internal audit. For the full agenda and further details please see below 👇 #ProvidingOurCustomersWithABetterTomorrow #LGPS

🔷 In view of the upcoming evaluation and review of the #IORP II Directive by DG FISMA, we publish today our position on European Insurance and Occupational Pensions Authority (EIOPA) technical advice on the IORP II review released on 28 September 2023. 👏 AEIP commends DG FISMA and EIOPA for the opportunity to comment on the IORP II review and the constructive dialogue throughout the process. 📑 Key messages from our position: 🔵 We appreciate that EIOPA does not foresee changes to the minimum harmonization character of the IORP II Directive. 🔵 We support that the advice does not recommend harmonization of solvency rules across IORPs in the same way as for insurers and banks. The current prudential rules guarantee a high-level degree of security, while allowing adaptation to national circumstances. 🔵 We advocate for more consideration of the role of the social partners, and better recognise the triangular relationship between the employee, employer and IORP (paritarian IORPs) and their #social function. 🔵 We stress in the past years, the regulatory burden on IORPs has increased significantly and the number of IORPs is declining annually. 👉 This is alarming and makes us believe that as a guiding principle any changes to the IORP II Directive should aim to reduce costs. ⚠ This is crucial to support the development and establishment of IORPs and increase #pension coverage for #workers. 👇 Find below our full position, which has four main parts: (1) Key message from paritarian IORPs, (2) Executive Summary: main takeaways and recommendations, (3) Elaborated response, (4) Annex: presenting our concrete recommendations.

LCI Updates: The Financial Services Authority (OJK) plans to launch a new mandatory pension program for workers. The Executive Head for the Supervision of Insurance, Guarantee, and Pension Funds of OJK, Ogi Prastomiyono, said that this measure is a follow-up to the mandate of Article 189 paragraph (4) of Law Number 4 Year 2023 regarding Development and Strengthening of Financial Sector (Law 4/2023). https://lnkd.in/gXRWAgmW #insurance #legalcentric

Relevant for Swiss pension funds and employers: Evelyn Schilter und Estelle Caveng have prepared an verview of legislative developments and reforms in the 2nd pillar as of 2024. #prévoyance #caissedepension #Pensionfund #Pensionskasse #beruflicheVorsorge

Not your average panel at the 14th International Conference organized by Insurance Europe today. Topic was an important one – advancing solutions to reach more people with the financial protection they need and deserve. It was a privilege to explore this topic with Petra Hielkema (she / her) of European Insurance and Occupational Pensions Authority (EIOPA), Juha Koponen of LocalTapiola and Anya Suprunenko of European Youth Parliament (EYP). To keep the panelists on track, we had to respond to thoughtful ideas from young European consumers who are members of an organization called the Youth Parliament. It was a fun and interesting way to set up the discussion for CEOs, regulators, government officials around Europe as well as other global leaders. #InsConf14