European Insurance: General (7 November 2016)

OAC Regulatory Newsletter
Accounting standards, EU / European Parliament / EIOPA, HM Treasury, PRIIPs

07 November 2016

Selected recent European Insurance news items of more general interest: 

On 2 November, the International Accounting Standards Board published its conclusions on its 2015 Agenda Consultation along with its work plan for 2017-2021. They expect the IFRS Standard on Insurance Contracts to published in March 2017 but also state that "timing ... will be reviewed later in 2016".

On 31 October, HMT published the consultation response document and the final impact assessment regarding amendments to the UCITS Directive (UCITS V). UCITS V aims to bring in to line those Member States without firm rules on depositories, remuneration and sanctions.

(PRIIPS) Commission Delegated Regulation (EU) 2016/1904 of 14 July 2016 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council with regard to product intervention was published in the Official Journal of the European Union on 29 October. The regulation specifies criteria and factors to be taken into account by EIOPA and competent authorities prior to exercising product intervention powers and applies from 31 December 2016.

The Council of the European Union published a Presidency compromise text (dated 28 October) on the proposed amendment to the EU Directive on money laundering.

David Gray

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David Gray
Consultant Actuary

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