Staff can be contacted via the usual email addresses and phone numbers. In 1994, the EU enacted its first joint insurance regulations for member countries. So, given our liberal traditions, will that happen? When it comes to financial markets, the vested interests that support regulation have taken over. This regime is known as ‘Solvency II’ and it involves harmonising EU insurance regulation. Event; Public forum. Suggestions for the Future Regulation of E-Communications in Europe Author: Andrea Renda…, Completed without final report. For example, when the EU wanted to make sure that there are common safeguards on goods imported from outside the EU, the Council adopted a regulation. PRIIPs: Real solutions, not superficial quick fixes, needed to fix problems with the Key Information Document . Countless applications in many sectors of the economy are…, Opportunities and responsibilities in an evolving digital ecosystem, In 2016, the European Commission published an ambitious communication aimed at spurring the development of Europe’s Collaborative Economy. It is a ‘minimum-harmonising’ directive that Wim wanted to work part-time during his studies. The overall aim of…, Technology, Governance and Policy Challenges, Artificial Intelligence is showing enormous promise for improving our daily life. It was a UK idea and pushed through the EU by the British with enthusiasm. Regulation (EU) 2015/35 (known as the Solvency 2 delegated regulation), sets out detailed requirements for applying the Solvency 2 framework. The European Commission is exploring ways to better protect consumers when their insurer becomes insolvent and … So, what should happen when we leave the EU? Since 1 January 2016, Europe’s insurers have been governed by a set of rules called Solvency II. Submit In this time of so-called austerity, UK financial regulators have had their budgets increased by 46 per cent in real terms in the last five years. Brexit. search-panel; language; contact; Navigation . The regulator could, additionally, have a more comprehensive regulatory regime which companies could enter if they wished. Coverdrone discuss the implications on their drone insurance policies of the new UK & EU unmanned aircraft regulations. All professional drone operators should be insured for damages caused to third party with a limit of no less than 1 000 000 Euros. Author: Jorge…, CEPS Task Force Report: Integrating Europe’s Transport System: Practical Proposals for the Mid-Term Review of the Transport White Paper Author:…, Suggestions for the Future Regulation of E-Communications in Europe, CEPS Task Force Report: Last call for Lisbon? Financial stability. In, Thank you and farewell from BrexitCentral, The Brexit Story, as told by BrexitCentral, Avoiding the Risks of Regulatory Red Tape – Insurance regulation for the 21st century, European Insurance and Occupational Pensions Authority. The majority of its provisions apply from 10 March 2021.. What does the SFDR cover? REGULATION (EU) No 1094/2010 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/ECpdf / 1.54 MB Amazingly, when the Solvency II regime was being developed, HM Treasury suggested that one of the points in its favour was that it was based on the Basel II regime that was in force at the time of the banking crisis (they didn’t quite put it like that!). By using our site, you consent to our use of cookies. (EU Exit) Regulations 2019. “ESRB” means the European Systemic Risk Board established by Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board 23; Philip Booth is the author of Avoiding the Risks of Regulatory Red Tape – Insurance regulation for the 21st century, published by the Institute of Economic Affairs. 2020 Solvency II review. on 19 September at CEPS. We should require insurance companies to publish information to the market rather than apply a sophisticated regulatory model which is designed to calculate how much capital each insurance company needs to have a 1-in-200 probability of failure. Important elements of this first endeavor include pricing, products, and consumer protections. Ride-sharing, homesharing…, This Task Force tries to bring back the AI debate to a more concrete discussion of outstanding ethical, governance and…, Leveraging blockchain to boost the EU Digital Single Market, Distributed Ledger Technologies (DLTs) have become extremely popular, and are being tested by governments, academics and industry in view of…, The security of cyber space has gradually become a key priority both for the protection of critical infrastructure and for…, CEPS and ECRI launched a Task Force on "Cybersecurity in Finance: Getting the policy mix right!" 4 December 2019. Harmonise diverging national insurance regulations. COVID-19: Insurance Europe remains fully operational. Insurance companies can sell their products anywhere in the EU – either by establishing themselves in other countries, or providing their services across borders directly, for example via their websites, or through intermediaries.. You can therefore shop around the European market for the best deals on insurance products (for example, life insurance, household insurance, and car insurance). The EU's Regulation on sustainability‐related disclosures in the financial services sector (the SFDR) was published in the Official Journal on 9 December 2019.. The SFDR imposes transparency and disclosure requirements on financial market participants (FMPs), namely: Just as Britain exports garlic to the French, we have reached the stage where the UK exports over-regulation to the EU. Background . EU-U.S. Insurance Project. ... A body of the … This compulsory insurance is valid in all other EU countries. Insurance companies can sell their products anywhere in the EU – either by establishing themselves in other countries, or providing their services across borders directly, for example via their websites, or through intermediaries.. You can therefore shop around the European market for the best deals on insurance products (for example, life insurance, household insurance, and car insurance). And, when the Single Market was created, it was the UK philosophy that prevailed. Ensure a consistent level of customer protection across the EU. Background; 2020 Solvency II review; Crisis Prevention. Regulation (EC) No 785/2004 of the European Parliament and of the Council of 21 April 2004 on insurance requirements for air carriers and aircraft operators (OJ L 138, 30.4.2004, pp. Towards a resilient and sustainable post-pandemic recovery, CEPS has launched an ambitious and multi-disciplinary Task Force on EU Industrial Policy after the pandemic. We use cookies to improve our online services. The Regulation harmonises the assessment and supervision processes for clinical trials throughout the EU, via a Clinical Trials Information System (CTIS). It is estimated by the UK Treasury to cost insurance companies £2.6 billion to implement with ongoing costs of £196 million a year. 485 of 2015] (Solvency II Regulations) Introductory Text; Part 1 Preliminary (regs. Solvency II is the most sophisticated in the world. Johan van der Ende, Chief Financial Officer, ING, Better Regulation and Industrial Competitiveness, Circular Economy, Climate and the Environment, Global Governance, Sustainable Development and Smart Cities, Innovation, Digital economy and Cyber-security, European Credit Research Institute (ECRI), European Capital Markets Institute (ECMI), WEBINAR/ If rolling out vaccines is a race, it is undeniable that the EU is falling behind. It is a warning both about the EU and about Brexit. The US does not have a strong regulatory capacity in insurance, which is a state, not a federal competence. If the regulatory regime has a problem it will affect the security of all companies at the same time. Event; Public forum. A "directive" is a legislative act that sets out a goal that all EU countries must achieve. Unfortunately, EU financial services regulation does not always achieve the ultimate aim of benefiting consumers. Compulsory venues are determined on the basis of EU Regulation 1215/2012 (Brussels-1a), which provides for a closed set of rules regarding jurisdiction in matters relating to insurance. In line with Belgian government requirements, Insurance Europe’s offices are closed until further notice. 13 Mar 2020. This Regulation supplements the disclosure requirements laid down in Directives 2009/65/EC, 2009/138/EC, 2011/61/EU, 2014/65/EU, (EU) 2016/97, (EU) 2016/2341, and Regulations (EU) No 345/2013, (EU) No 346/2013, (EU) 2015/760 and (EU) 2019/1238 as well as in national law governing personal and individual pension products. The Insurance Distribution Directive (IDD) sets the regulatory framework for the distribution of insurance in the EU updating and replacing the Insurance Mediation Directive (IMD). The body of legislation created at the EU level, which has evolved over several decades, has an important impact on insurance in member states as the EU works to complete the implementation of the Financial Services Action Plan … Back Fax: +32 (0) 2 894 49 39, Next It doesn't cover other costs (e.g. So, what should happen when we leave the EU? Pierpaolo Marano is Professor of Insurance Law in the Faculty of Banking, Finance and Insurance at the Catholic University of the Sacred Heart, Milan, Italy.A widely-sought writer and speaker on insurance law and regulation, he served as an academic member of the EIOPA Insurance and Reinsurance Stakeholder Group in 2012/13, and the EIOPA Occupational Pensions Stakeholder Group in 2013/2016. Under EU rules, a trader must repair, replace, reduce the price or give you a refund if goods you bought turn out to be faulty or do not look or work as advertised.. The principle of mutual recognition was recognised whereby countries could keep their own regulatory systems whilst companies regulated in one country could sell insurance freely in another EU country. The JM Chair in EU Financial and Insurance Markets Regulation (EuFIMAR) builds on the assumption that the increasing number of rules regarding EU financial sectors can significantly affect the activity of jurists, … It is one of the EU Agencies carrying out specific legal, technical or scientific tasks and giving evidence-based advice to help shape informed policies and laws at the EU and national level. REGULATION (EC) No 785/2004 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL. The Regulations impose requirements on legal expenses insurers carrying on legal expenses insurance, designedprimarily to avoid possible conflict of interests. Winding-up of insurance undertakings. Rules on reorganising and winding up insurance companies. Over a three-year period beginning in July 2003, CEPS organised a Task Force, to explore the challenges facing regulation and supervision of the insurance industry in the EU. We use cookies to improve our online services. In Europe, professional drone operators flying over the territory of a EU Member State must comply with Regulation (EC) 785/2004 on insurance requirements for Air Carriers and Aircraft Operators. The…, Formed in autumn 2017, the CEPS Task Force on Software Vulnerability Disclosure in Europe has worked on defining guidelines to…, The Better Regulation Agenda has made considerable inroads into the EU policy process since 2002, especially in the European Commission.…, Innovation and entrepreneurship are key pillars of economic growth and well-being. European Union. As such, the expectation was that some companies would need to hold more capital, some less, depending on their risk-taking. 10 December 2018. To provide regularly updated and easily accessible information by the public the European Insurance and Occupational Pensions Authority (EIOPA) in accordance with Article 8 of EIOPA Regulation (Regulation EU No 1094/2010) publishes the information regarding registered financial … Insurance guarantee schemes. Close. Jean Monnet Chair: EU Financial and Insurance Markets Regulation (EuFIMAR) The Chair aims to boost the knowledge and to understand EU financial and insurance markets through a multi-step approach. In order to enhance transparency and facilitate cross-border trade, the European Insurance and Occupational Pensions Authority (EIOPA) established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council (5) should establish, publish and keep up-to-date a single electronic database containing a record of each insurance, reinsurance and ancillary insurance intermediary … The IDD applies to all sellers of insurance products: insurance intermediaries, such as agents and brokers, which have to be registered in their home country and meet certain minimum requirements; of the European Union. These Regulations, which are made under section 2(2) of the European Communities Act 1972, implement the Legal Expenses Insurance Directive (87/344/EEC). Over a three-year period beginning in July 2003, CEPS organised a Task Force, to explore the challenges facing regulation and supervision of the insurance industry in the EU. The way clinical trials are conducted in the European Union (EU) will undergo a major change when the Clinical Trial Regulation (Regulation (EU) No 536/2014) comes into application. Place du Congrès 1, 1000 Brussels Supervisory convergence. Before the UK joined the European Union, we had a stable and vibrant financial sector which had always been one of the most lightly regulated in the world. They may also serve as a crucial driver of…, In current EU policy, the Electricity Directive (2009/72/EC) and the Energy End-Use Efficiency and Energy Services Directive (2006/32/EC) consider the…, in the Context of the EU Data Protection Reform, Data Protection policies have made a very interesting trajectory in the last years, from being a niche regulatory subject to…, The purpose of the CEPS’s Task Force on Copyright in the Digital Single Market is to develop a dialogue among…, To the Europe 2020 Competitiveness and Growth Objectives, The economic crisis has exposed the weaknesses of the European economies and emphasised the needs to boost competitiveness of the…, Creating a global economy that emits a fraction of its current greenhouse gas emissions will not only require wholesale changes…, Regulatory Challenges for the Post-Lisbon Era, As technology progresses and consumer demand evolves, the communications sector poses new challenges and hard questions to sectoral regulators and…, Over the past few years, the attention of policymakers and industry players towards the protection of critical infrastructure has grown…, Boosting EU Competitiveness in a Global Economy, While globalisation has increased the prospects for many European businesses, open markets have also brought challenges as competition has increased. By Laura Hodgson (UK) on January 26, 2021 Posted in Insurance, Regulation and compliance, United Kingdom On Friday 22 January 2020, the FCA sent a ‘Dear CEO’ letter to insurance companies and managing general agents in order to clarify its expectations of firms in respect of business interruption claims following the decision of the Supreme Court on 15 January (see our case summary here ). This regime is known as ‘Solvency II’ and it involves harmonising EU insurance regulation. The Future of Insurance Regulation and Supervision in the EU: New Developments, New Challenges The overarching goal of the Basel III agreement and its implementing act in Europe, the Capital Requirements Regulation (CRR) and Directive (CRD), is to strengthen the resilience of the banking sector across the European Union (EU) so it would be better placed to absorb economic shocks while ensuring that banks continue to finance economic activity and growth.The European The Insurance Distribution Directive: changes to the regulation of insurance intermediaries in the EU The Insurance Distribution Directive: changes to the regulation of insurance intermediaries in the EU. However, what has happened since has been alarming. Unfortunately, EU financial services rules do not always achieve their aim of benefiting consumers and the current regulatory processes themselves do not always lead to good outcomes. EU-U.S. Insurance Project. Under the Solvency 2 directive the European Commission can adopt delegated and implementing acts, including technical standards and information for the calculation of technical provisions and basic own funds. 5 Mar 2020. …, The application of Article 82 of the EU Treaty to exclusionary abuses is currently subject to an in-depth review following…, Implications for Sustainable Trade and Development, Changes in consumer attitudes in the EU and other developed countries are having a major impact on the organization of…, CEPS Task Force Report: Achieving the Internal Market for e-communications Author: Andrea Renda, CEPS Senior Fellow Over the past two…, CEPS Task Force Report: The EU Budget: The UK Rebate and the CAP – Phasing them both out? All Events. EIOPA was established in consequence of the reforms to the structure of supervision of the financial sector in the European Union. Mortgage life and other credit protection insurance sold through banks. European Union (Insurance and Reinsurance) Regulations 2015 [S.I. Insurance intermediaries and insurance undertakings are subject to uniform requirements when distributing insurance-based investment products, as laid down in Regulation (EU) No 1286/2014 of the European Parliament and of the Council (6). The EU has not yet granted equivalence to any UK regulatory standards as the recognition of UK financial services standards (all aligned with EU rules until the end of 2020) has been part of the ongoing negotiation on a free trade agreement between the UK and the EU. No. You can also take out additional, optional insurance, called first party liability, covering other risks. The Solvency 2 and Insurance (Amendment, etc.) Solvency II. Expert contributions discuss the changes that have taken place in the supervision of insurance and reinsurance undertakings through an economic risk-based approach. This form gives you the right to get healthcare in the country where you live. However, it is up to the individual countries to devise their own laws on how to reach these goals. Solvency II is a Directive in European Union law that codifies and harmonises the EU insurance regulation. 13 Mar 2020. Law helping EU residents involved in a road accident in another EU country. The total length of the Solvency II directive and related instruments from the European Insurance and Occupational Pensions Authority is 3,200 pages and the UK regulator has … Sadly, there is no chance. Solvency II is a Directive in European Union law that codifies and harmonises the EU insurance regulation. S.I. Primarily this concerns the amount of capital that EU insurance companies must hold to reduce the risk of insolvency. The European Insurance and Occupational Pensions Authority (EIOPA) is a European Union financial regulatory institution. Made. The way clinical trials are conducted in the European Union (EU) will undergo a major change when the Clinical Trial Regulation (Regulation (EU) No 536/2014) comes into application. Introduce a risk-based approach; The promise was that insurers’ capital requirements would be more in line with the risks they face. The EC785/2004 insurance regulation has not changed, so it is therefore still a legal requirement to obtain drone insurance if you are undertaking commercial operations, the client would need to ensure that they are selecting the correct basis for the insurance from either … This also applies to people who already have a valid European Health Insurance Card (EHIC) from another country. The minimum amount corresponds to one million Euros per accident. ✍ Join the debate!…, Artificial Intelligence and Cybersecurity, Strengthening the EU’s Cyber Defence Capabilities, Software Vulnerability Disclosure in Europe, Unleashing Innovation and Entrepreneurship in Europe, Building the Business Case for Smart Grids in Europe, CEPS Digital Forum Task Force on Online Personal Data Processing, CEPS Digital Forum Task Force on Copyright, The EU Strategic Energy Technology (SET) Plan, Critical Infrastructure Protection in the EU, The Treatment of Exclusionary Abuses under Article 82, Achieving the Internal Market for E-communications, The Common Agricultural Policy in the 21st Century, I have read and agree to the terms & conditions.