Keynote speech at BIS’ FSI-IAIS policy implementation meeting on supervisory effectiveness in insurance supervision
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EIOPA Chair Petra Hielkema argues for insurance supervision that is more adaptive, proportionate and focused on material risks, and reviews how EIOPA is applying this modernisation. She notes that the Solvency II review will apply from January 2027 and outlines the simplification measures under way.
Key points
- EIOPA has delivered all instruments for the Solvency II review, which will apply from January 2027
- Proposal to cut quarterly reporting templates by 26% and annual ones by 30%
- Open consultation on supervision of sales of insurance-based investment products (IBIPs)
- Seeks a comply-once approach between the AI Act and insurance legislation
Who is affected
Insurers and national and international supervisors
Deadlines
Revised Solvency II applies from January 2027
Plain-language version
Petra Hielkema, chair of EIOPA, the EU watchdog for insurers and pension plans, called for insurance supervision focused on the risks that really matter. She noted that the Solvency II reform, the capital rules for insurers, applies from January 2027, and that EIOPA wants to cut quarterly reporting templates by 26% and annual ones by 30%.
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