EIOPA reports progress on its simplification initiatives
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EIOPA publishes a stocktake of its simplification agenda and proposes making it a permanent principle of its regulatory and supervisory work. It also asks to be involved earlier and more systematically in the legislative process and for better sequencing of implementation timelines.
Key points
- Quarterly reporting templates cut by 26% and annual ones by 30% (36% and 44% for small and non-complex undertakings)
- 25 sets of Guidelines reviewed and shortened by around a third
- Less frequent bottom-up stress tests and a new Solvency II proportionality framework
Who is affected
Insurers, occupational pension funds and national supervisors
Plain-language version
EIOPA, the EU watchdog for insurers and pension plans, has reviewed its plan to cut red tape: insurers will file 26% fewer quarterly report templates and 30% fewer annual ones (even fewer for small firms), and 25 sets of guidelines have been shortened by about a third. It wants simplification to be a permanent rule and to be involved earlier in drafting laws.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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