KEY STORIES IN DOMESTIC NEWS
CENTRAL BANK PUBLISHES GUIDANCE ON THE APPROVAL AND SUPERVISION OF SPVs UNDER SOLVENCY II
This guidance, published on 17 April, clarifies that special purpose vehicles (SPVs) (as defined in the European Union (Insurance and Reinsurance) Regulations 2015) proposing to (i) assume risks from a (re)insurer through reinsurance contracts or (ii) assume insurance risks through similar arrangements are required to seek prior authorisation from the Central Bank
CENTRAL BANK PUBLISHES FEEDBACK ON THEMED INSPECTION OF SOLVENCY II REGULATORY REPORTING
On 16 April, the Insurance Directorate issued a Dear CEO letter outlining the results of its themed inspection of Solvency II regulatory reporting. While many firms are still embedding their regulatory reporting processes and controls, the level of resubmissions remains unacceptably high.
RESPONSES TO CENTRAL BANK (NATIONAL CLAIMS INFORMATION DATABASE) BILL 2017 CONSULTATION
On the 13 April, the Department of Finance published the responses of key industry stakeholders including Insurance Ireland, ISME, Self-Insured Taskforce and CSNA to the Central Bank's consultation paper. A number of issues were highlighted by Insurance Ireland, who support the establishment of a National Claims Information Database.
KEY STORIES IN EUROPEAN AND INTERNATIONAL NEWS
EIOPA DEFINES ITS SUPERVISORY CONVERGENCE PRIORITIES
In 2018-2019 EIOPA has identified its top three priority areas:
- Implementation of the common supervisory culture and new supervisory tools;
- Risks to the internal market and the level playing field that may lead to supervisory arbitrage; and
- Supervision of emerging risks
EIOPA PUBLISHES STRATEGY ON CONDUCT OF BUSINESS SUPERVISION
On 24 April, EIOPA published its strategy for conduct of business supervision, which has been updated to take into account the impact of regulatory developments including the Insurance Distribution Directive (IDD), the regulation on key information documents for packaged retail and insurance-based investment products, the Solvency II Directive and Brexit.
ECON PUBLISHES DRAFT REPORT ON RELATIONSHIP BETWEEN THE EU AND THIRD COUNTRIES CONCERNING FINANCIAL SERVICES REGULATION AND SUPERVISION
The European Parliament's Committee on Economic and Monetary Affairs (ECON) has published a draft report containing a motion for a European Parliament resolution calling on the Commission to adopt a legislative act establishing a clear legal framework for determining and granting 'equivalence'.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.