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European regulation update: insurance
European regulation update: insurance
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European regulation update: insurance

23/10/2017

Focus on the latest European regulatory developments

Solvency II

Solvency II: on 14 September 2017, the Delegated Regulation on calculation of regulatory capital requirements for assets held by insurance undertakings published in Official Journal

A Commission Delegated Regulation (2017/1542) amending Commission Delegated Regulation 2015/35 concerning the calculation of regulatory capital requirements for several categories of assets held by insurance and reinsurance undertakings has been published in the Official Journal.

The Regulation will enter into force on 15 September 2017.

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Insurance Distribution Directive: on 21 September, EU Commission adopts Delegated Regulation on product oversight and governance

The EU Commission has adopted a Delegated Regulation with regard to information requirements and conduct of business rules applicable to the distribution of insurance-based investment products under the Insurance Distribution Directive (IDD).

The draft Delegated Regulation specifies the criteria and practical details for the application of the rules on conflicts of interest, inducements and the assessment of suitability and appropriateness.

The Delegated Regulation will enter into force on the twentieth day following that of its publication in the Official Journal and will apply from 23 February 2018.

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Insurance Distribution Directive: on 25 September 2017, EIOPA to develop Q&As on interpretation and application

The Insurance Distribution Directive (IDD) came into force on 23 February 2016 and has to be implemented into national laws by 23 February 2018. The European Insurance and Occupational Pensions Authority (EIOPA) has launched a survey to gather data from stakeholders for the development of a set of questions and answers (Q&As) on the IDD and its implementing measures.

EIOPA is seeking to collect questions from external stakeholders in order to develop a Q&A document related to insurance distribution activities, with a focus on issues of interpretation or application of the IDD and its implementing measures. The Q&As are intended to provide more clarity for market participants on the application of the IDD requirements and to promote common supervisory approaches. The Q&As will not be binding, nor subject to a 'comply or explain' process.

Responses to the survey are due by 11 October 2017.

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