On 30 January, EIOPA published its Single Programming Document 2017-2019, which covers its strategic objectives, work plan for 2017 and funding requirements.
Given previous public statements, it is little surprise to see its external-facing strategic objectives cover:
High priorities are the mandatory reviews of Solvency II (long-term guarantees and standard formula solvency capital requirement) and IDD support. 2017 will also see the second pension stress test, with EIOPA also contributing to the development of a pan-European personal pension product (although it remains unclear how the Commission will proceed with EIOPA’s recommendations). Insurance recovery and resolution
There is a constant theme of moving EIOPA’s focus from regulation to supervision and oversight, with supervisory convergence being one of EIOPA’s strategic priorities. Peer reviews of national competent authorities, participation in colleges, thematic work will all continue and EIOPA intends to expand its work on developing a supervisory handbook to ensure greater
Consumer protection is the second strategic priority, not limited to the areas covered in our IDD article. EIOPA states that it aims to “engender a more consumer-centric culture in firms” and that it “stands ready” to issue additional guidance to ensure its product oversight and governance Guidelines are consistently implemented. It will also continue with its
The final strategic priority is financial stability. Particular aspects include assessment of procyclicality risks, aligning Solvency II with the work of the IAIS on its insurance capital standard and recovery and resolution proposals.
Overall, the paper indicates that there will continue to be a strong flow of material from EIOPA throughout 2017, which firms will need to digest and adapt to. It is unlikely that the Supervisory Handbook will be made available to firms, but while greater
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