European Insurance: General (17 October 2016)

OAC Digest
EU / European Parliament / EIOPA, Life insurance, PRIIPs, Solvency II

17 October 2016

Selected recent European Insurance news items of more general interest: 

Two European finance associations have written to the European Commission and Supervisory Authorities regarding perceived flaws in the implementing rules for the PRIIPs KIDs. In their letter dated 14 October, Better Finance and EFAMA highlight the need to allow the disclosure of past performance and fix the "misleading disclosure of costs and fees".

EIOPA has published the "Summary of Conclusions" from the Insurance and Reinsurance Stakeholder Group (IRSG) meeting held on 15 September. This is a useful document covering the discussions around the various presentations including Solvency II matters. With regard to PRIIPs, I noted that "EIOPA and NCAs have product intervention empowerments entering into force with the PRIIPs Regulation on 31 December 2016. Despite on-going political discussions on PRIIPs, EIOPA does not expect a delay or postponement of the banning powers."

David Gray

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David Gray
Consultant Actuary

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