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Spring has sprung and the EU-UK Trade and Cooperation Agreement has been done. Even with this deal ratified and applying in full from May 1, 2021, rifts are still rumbling on both sides of the divide amongst the now quite familiar topics. From differing views on vaccination shipments to fishing quotas, the outlook for a comprehensive building of new bridges on financial regulatory cooperation or least mutual market coexistence is still fragile. The efforts on the planned regulatory memorandum of understanding still stops short of equivalence. Diverging standards on everything from the future direction of supervision of crypto-assets, artificial intelligence (see our coverage on these new rules) to ESG methodology, as well as UK tweaks to MiFID research rules or to EU “quick fix” legislation that was previously on-shored in the UK is driving fragmentation.
Reports on recent UK and EU regulatory developments of interest to insurers and their intermediaries.
Contents
Solvency II: EIOPA opinion on supervising use of climate change risk scenarios in OSRA
COVID-19: FCA BI insurance calculator
Solvency II: PRA supervisory disclosures
aggregate statistical data on key aspects of the application of the prudential framework;
a table covering the manner of exercise of the options provided for in the Solvency II Directive;
links to the texts of insurance regulations applicable in the UK; and
links to the PRA’s supervisory approach.
The PRA states that the disclosure is designed to foster a uniform level of transparency and accountability between supervisory authorities and will be of primary interest to PRA-authorised insurance companies.
Europees Parlement (EP)
Het Europees Parlement (EP) vertegenwoordigt ruim 450 miljoen Europeanen en bestaat momenteel uit 705 afgevaardigden (inclusief voorzitter). Nederland heeft 29 zetels in het Europees Parlement. Het Europees Parlement wordt geacht een stem te geven aan de volkeren van de 27 landen die aan de Unie deelnemen, en vooral te letten op het belang van de Unie in zijn geheel.
De leden van het Europees Parlement worden om de vijf jaar rechtstreeks gekozen door de burgers van de Europese Unie. De volgende verkiezingen zijn in 2024. Het Parlement debatteert op basis van voorstellen van de Europese Commissie en kan daarbij wijzigingen voorstellen, waarna het Parlement samen met de Raad van de Europese Unie een beslissing over deze voorstellen neemt.
Met dank overgenomen van Europese Commissie (EC), gepubliceerd op woensdag 21 april 2021.
Revision: why was there a need to review the Non-Financial Reporting Directive (NFRD)?
The reporting rules introduced by the Non-Financial Reporting Directive established important principles for certain large companies to report sustainability information on an annual basis. It introduced a ‘double materiality perspective , meaning that companies have to report about how sustainability issues affect their business and about their own impact on people and the environment.
There is ample evidence, however, that the information that companies report is not sufficient. Reports often omit information that investors and other stakeholders think is important. Reported information can be hard to compare from company to company, and users of the information are often unsure whether they can trust it.
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This week, reports on recent UK and EU regulatory developments of interest to insurers and their intermediaries. See also our Financial institutions general regulatory news in the Related Materials links.
Contents
IDD single rulebook launched by EIOPA
Insurance product manufacturers: EIOPA consults on framework to address value for money risk in EU unit-linked market
Solvency II: EIOPA annual report on limitations and exemptions from reporting
Solvency II: EIOPA report on year-end 2019 comparative study on market and credit risk modelling
EIOPA 2021 EU-wide insurance sector stress test
Solvency 2 (Credit Risk Adjustment) Regulations 2021