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Protecting consumers’ interests remains one of EIOPA’s highest priorities. Throughout 2013, the Authority provided support, guidance and clarity on consumer protection issues. Effective redress in response to a valid complaint by a consumer is fundamental to protecting their rights. To ensure that insurance intermediaries have appropriate arrangements in place when a dispute arises with a consumer, EIOPA provided guidelines on complaints handling.
Much of EIOPA’s work on developing regulations focuses on the application of Solvency II. In 2013, EIOPA supported the trilogue discussions that ultimately concluded in an agreement on the date of its application (1 January 2016). Contributing to the success of these discussions, 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 longterm 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.
Efforts to improve the quality of the supervisory framework in the European Economic Area (EEA) continued in 2013. The main areas of focus were colleges of supervisors, internal models and supervisory practices.
Drawing on extensive expertise and experience, EIOPA staff provided direct support to colleges in their work to enhance efficient, effective and consistent supervision of financial institutions that operate across borders. Implementing and monitoring the annual Action Plan for Colleges was a key area of work. In 2013, the focus was on fostering a convergent approach to risk analysis and enhancing the understanding and knowledge of the Solvency II Preparatory Guidelines.
EIOPA continued to monitor micro and macro-economic developments with the aim of identifying adverse trends, potential risks and vulnerabilities for the insurance and occupational pensions sectors at an early stage.
The prolonged period of low interest rate yields was an area of focus which resulted in the publication of EIOPA’s Opinion on the coordinated supervisory response to such conditions. EIOPA also carried out regular financial stability assessments in the form of quarterly Risk Dashboards and semiannual EIOPA Financial Stability Reports. In an ongoing effort to improve the basis on which this analysis is made, EIOPA implemented a number of reviews and improvement measures in terms of its data and has been making preparations for data collection in a Solvency II environment.