Understanding Solvency II, What is Different After November 2013 [NOOK Book]

Overview

We have a deal!

A deal struck between EU officials and parliamentarians paves the way for the full introduction of the Solvency II regulatory regime by 2016.

Statement by the Chairman of EIOPA regarding the trilogue agreement on the Omnibus II Directive
STATEMENT BY THE CHAIRMAN OF EIOPA

The European Insurance and Occupational Pensions ...

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Understanding Solvency II, What is Different After November 2013

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Overview

We have a deal!

A deal struck between EU officials and parliamentarians paves the way for the full introduction of the Solvency II regulatory regime by 2016.

Statement by the Chairman of EIOPA regarding the trilogue agreement on the Omnibus II Directive
STATEMENT BY THE CHAIRMAN OF EIOPA

The European Insurance and Occupational Pensions Authority (EIOPA) welcomes the trilogue agreement on the Omnibus II Directive.

Omnibus II and the clarity over the Solvency II implementation timeline have been long awaited and will certainly contribute to the strengthening of insurance supervision in Europe.

This agreement is of extreme importance for EIOPA as a European institution, because it allows the Authority to fully perform its tasks related to the promotion of supervisory convergence and consistent supervisory practices.

Note:

Trilogue represents informal tripartite meetings attended by representatives of the co-legislators - the European Parliament, the Council of the EU and the European Commission.

Omnibus II is a draft Directive proposed by the Commission in 2011 intended to adapt the Solvency II Directive implementing measures to the new architecture introduced in the Lisbon Treaty (2009) and the new financial supervision measures introduced in Regulation 1094/2010 establishing the European Insurance and Occupational Pensions Authority.

Long-term guarantees (LTG) are included in insurance products, usually life insurance and some kinds of health insurance, and offer a guaranteed return or pay-out to the policyholder over a fixed period of time.

This requires insurers to invest the premiums in assets which provide a return to the insurer sufficient to meet those guarantees.

LTG package is a package of measures aimed to facilitate the provision of insurance products with long-term guarantees under Solvency II.

The European Insurance and Occupational Pensions Authority (EIOPA) was established on 1 January 2011 as a result of the reforms to the structure of supervision of the financial sector in the European Union.

EIOPA is part of the European System of Financial Supervision consisting of three European Supervisory Authorities, the National Supervisory Authorities and the European Systemic Risk Board.

It is an independent advisory body to the European Commission, the European Parliament and the Council of the European Union.

EIOPA's core responsibilities are to support the stability of the financial system, transparency of markets and financial products as well as the protection of insurance policyholders, pension scheme members and beneficiaries.

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Product Details

  • BN ID: 2940045459877
  • Publisher: George Lekatis
  • Publication date: 11/23/2013
  • Series: Understanding Solvency II , #9
  • Sold by: Smashwords
  • Format: eBook
  • File size: 2 MB

Meet the Author

George Lekatis is the General Manager of Compliance LLC, a leading provider of risk and compliance training and executive coaching in 36 countries.George has more than 17,000 hours experience as a professional speaker and seminar leader. He has worked for more than 18 years as a management consultant and educator and has demonstrated exceptional presentation and communication skills.George is the president of the Basel ii Compliance Professionals Association (BCPA, basel-ii-association.com), the largest association of Basel ii professionals in the world, and the Basel iii Compliance Professionals Association (BiiiCPA, basel-iii-association.com), the largest association of Basel iii professionals in the world.George is also president of the Sarbanes Oxley Compliance Professionals Association (SOXCPA, sarbanes-oxley-association.com), the largest Association of Sarbanes Oxley professionals in the worldGeorge is an expert witness, qualified to investigate and testify about risk and compliance management standards, policies, procedures, best practices, due care and due diligence.
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