The European Insurance and Occupational Pensions Authority (EIOPA) has already been working on “supervisory convergence” in the European insurance sector, but with the revised EU pension fund directive having entered into force earlier this year the Frankfurt-based regulator has indicated a new priority area for this year would be “the promotion of supervisory convergence in the European pensions sector regarding the implementation of IORP II”.
The deadline for incorporating the IORP II directive into national law was 13 January 2019, although several EU member states have yet to take all the necessary steps.
The European Commission has launched infringement proceedings against a number of member states for “non-communication” of transposition measures.
A spokesperson for EIOPA said that it would support national supervisors by providing guidance about the implementation of IORP II, given the changes and new requirements it introduced.
She said this would include joint work in EIOPA project groups and the publication of “opinions” during the second half of the year on topics such as environmental, social and corporate governance (ESG) risks, and governance and operational risks.
IORP II introduced new governance and communications requirements, and a requirement for an “own-risk assessment”. There were also a series of references to ESG factors in governance, risk management and investment contexts.
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