EIOPA's proposals for IORPs should better consider the minimum requirements laid down in the IORP II Directive, existing rules applicable to IORPs at national level and the diversity of pensions across Europe.
Insurance Europe has published its comments on the European Insurance
and Occupational Pensions Authority’s (EIOPA) draft opinions on the
supervision of defined contribution (DC) Institutions for Occupational
Retirement Provision (IORPs) long-term risk assessment and IORPs costs reporting.
EIOPA's
proposals on cost reporting and on DC long-term risk assessment could
significantly increase costs and compliance burdens for IORPs without
adding clear value.
Insurers have witnessed an increased use of
supervisory tools (level 3) in relation to IORPs since the adoption of
the IORP II Directive. During its negotiation, policymakers decided not
to introduce any level 2 measures, leaving it up to members states to
implement and supplement as they see fit the minimum harmonization
requirements introduced by the Directive; having so much detail at level
3 somehow contradicts this political agreement. More generally, it is
important that the “soft” powers granted to EIOPA by its establishing
Regulation do not replace ordinary regulatory and legislative
procedures.
Insurance Europe
© InsuranceEurope
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