European Pensions Directive meaning

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In this issue: Prudential requirements Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Sustainable finance and ESG Banks and mutuals Investment funds and asset management UK MiFID II Consumer credit, mortgage and home finance Regulation of insurance FSMA regulated pensions activity Payment services and systems Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Prudential requirements COREPER asked to endorse agreement on CCP concentration risk treatment After the European Parliament adopted, in April 2024, a proposal for a directive of the Parliament and the Council to amend Directive 2009/65/EC (UCITS), Directive 2013/36/EU (CRD IV) and the Investment Firms Directive (EU) 2019/2034 (IFD), the Council of the EU’s General Secretariat released an ‘I/A’ Item Note inviting the Council’s Permanent Representatives Committee (COREPER) to confirm its agreement...

EU financial services developments EIOPA seeks views on potential integrated insurance data collection system The European Insurance and Occupational Pensions Authority (EIOPA) is inviting stakeholder input on inefficiencies, duplication and inconsistencies in regulatory reporting and disclosure duties, together with proposals to remedy them. Comments are requested by 10 June 2026, after which EIOPA will present a final report to the European Commission. In line with the amended Solvency II Directive, EIOPA has been tasked with preparing advice on measures for an integrated data collection framework covering Europe’s insurance and occupational pensions sectors. The discussion paper sets out the current reporting landscape for insurers and institutions for occupational retirement provision (IORPs), and considers options to streamline and harmonise reporting requirements...

ARCHIVED: This archived Practice Note reviews the impact of Solvency II (a European risk-based solvency capital regime applying to insurance and reinsurance companies and in force from 1 January 2016) on UK pensions. It is not maintained and is for background information only. What is Solvency II? Solvency II establishes a harmonised prudential framework for insurance and reinsurance companies across Europe. It consists primarily of: The Solvency II Directive 2014/17/EU (OJ L 60/34) (Solvency II). Regulatory technical standards and non-binding guidelines, including Commission Delegated Regulation (EU) 2015/35 (the Solvency II Delegated Regulation). Developed in response to the 2008 financial crisis, which revealed that risks had been underestimated, the regime requires insurers to measure risk, report it, and hold appropriate capital. The objective of Solvency II is to strengthen protection for consumers of insurance products by embedding risk management and governance requirements, and by mandating a market-consistent valuation of an insurer’s assets and liabilities. The underlying intention is that sound risk...

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z This glossary provides helpful (re)insurance and underwriting definitions. For focused guidance on reinsurance terminology, see Practice Note: Reinsurance—essentials. A Accident An unforeseen or unintended event or incident that typically results in damage or injury (physical or financial) to the insured or a third party. Accidental damage Unintended or unexpected harm or damage caused to property or a person. Accidental death benefit Some life insurance policies pay an extra amount, over and above the original sum insured, if the insured dies because of an accident. Act of God (force majeure) An occurrence beyond anyone’s control, such as a natural disaster. Active underwriter The person with primary responsibility and authority to accept insurance and reinsurance risks on behalf of the members of a syndicate in the Lloyd’s market. See also Underwriter. Actuary A qualified professional who...

ARCHIVED: This Practice Note has been archived and is not maintained. A package of legislation designed to reduce risks in the EU banking sector, the ‘banking package’, was published in the Official Journal of the EU on 7 June 2019. It sets out updated rules on capital requirements and resolution through: Directive (EU) 2019/878 (CRD V), amending the fourth Capital Requirements Directive 2013/36/EU (CRD IV); Regulation (EU) 2019/876 (EU CRR II), amending the Capital Requirements Regulation (EU) 575/2013 (EU CRR); Directive (EU) 2019/879 (EU BRRD II), amending the Bank Recovery and Resolution Directive 2014/59/EU (BRRD); Regulation (EU) 2019/877 (EU SRMR II), amending the Single Resolution Mechanism Regulation (EU) 806/2014 (EU SRMR). This Practice Note reviews each of these instruments in turn, outlines the background to the banking package, and indicates when the provisions began to apply. Background to the banking package In November 2016, the European Commission issued a set of legislative proposals to amend CRD IV, EU...