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Highlights from the annual report:
- EIOPA produced the Report on the Long-Term Guarantee Assessment. This report delivered a set of potential measures aimed at ensuring an appropriate supervisory treatment of long-term guarantee products, under volatile and exceptional market conditions. EIOPA also published its findings on whether the calibration and design of regulatory capital requirements for long-term investments in certain asset classes under the envisaged Solvency II regime necessitates any adjustment or reduction under the current economic conditions without jeopardising the prudential nature of the regime. EIOPA’s independent supervisory assessment is prudentially sound and represents a reliable basis for an informed political decision.
- EIOPA became more active in the area of pensions, and in 2013 drafted its first implementing technical standard which focused on reporting prudential provisions. The first EIOPA consultation on personal pensions was also held collecting views on a variety of issues ahead of providing the Commission with advice on establishing an EU single market for personal pensions.
In 2013, EIOPA concluded its first Quantitative Impact Study (QIS) in the field of occupational pensions. As the first of its kind, the study assessed the financial position of pension funds in different Member States across Europe in a comparable and transparent way, showing the existing divergence in financial positions when using local and common European measures. The QIS outcomes reinforce the need to continue working towards a market-consistent and risk-based regulatory regime in Europe.
- Ensuring the representation of the interests of the EU and its citizens in international forums, and supporting common supervisory standards beyond the EU market, EIOPA engages with international bodies and third countries. As a member of the Executive Committee of the International Association of Insurance Supervisors (IAIS), EIOPA supported the development of a global framework for the supervision of global systemically important insurers (G-SIIs) and international active insurance groups as well as the development of a standard for capital requirements.