European Insurance: General (14 November 2016)

OAC Digest
EU / European Parliament / EIOPA, Financial crime, PRIIPs

14 November 2016

Selected recent European Insurance news items of more general interest: 

On 9 November, the EC proposed a one-year extension to the date of application of the PRIIPs' Regulation on Key Information Documents. OAC published an overview of the decision which we welcomed. The Council of the EU have now received and published the Commission's proposal (and explanatory memorandum).

The European Parliament has published a draft report (dated 7 November) on the proposal for a directive amending money laundering or terrorist financing rules.

The European Parliament have published a report (dated 17 October) on the Commission's Green Paper on Retail Financial Services, which looks at the development of the retail financial services market (including insurance) at EU level. This is a wide ranging report which includes:

  • the Parliament's support for a proposal on the creation of an "EU savings account";
  • calls on the Commission to consider legislation to mandate Insurance Guarantee Scheme Coverage;
  • the need to guard against financial exclusion;
  • the role of digitalization (noting security concerns as well as data protection);
  • to set up "a well-organised and easy-to-use EU comparison portal covering most or all parts of the retail financial services market"; and
  • the avoidance of unnecessary or unfair differences between euro and non-euro Member States.

 

David Gray

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David Gray
Consultant Actuary

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