Insurance Quarterly Legal And Regulatory Update
EIOPA Consultation: Risk mitigation techniques for OTC derivatives, CCPs and Trade Repositories
On 6 March 2012, EIOPA issued a consultation paper - "Draft Regulatory Technical Standards on risk mitigation techniques for OTC derivatives not cleared by a central counterparty under the Regulation on OTC derivatives, central counterparties and Trade Repositories" (the "Draft Technical Standards").
The Draft Technical Standards are being issued to clarify EIOPA's expectations regarding the internal complaints handling system of insurers. In addition, it provides guidance on the provision of information to consumers and procedures for responding to complaints, thereby ensuring the adequate protection of both policyholders and beneficiaries.
This consultation paper relates to the European Commission's legislative proposals overthe- counter (OTC) derivatives, central counterparties (CCPs) and trade repositories. EIOPA (together with EBA and ESMA) are seeking feedback from stakeholders in order to assist it in developing technical standards. This consultation period ends on 2 April 2012. Comments should be submitted online at www.esma.europa.eu.
EIOPA voices its concerns regarding the delays affecting Solvency II
EIOPA has published a letter it sent the European Commission outlining its concerns as to the delay in the implementation of Solvency II. In the letter (dated 31 January 2012), EIOPA suggests that a delay in the application of Solvency II will lead to the development of national solutions by supervisors and undertakings seeking to ready themselves for Solvency II. The letter also refers to the fact that EIOPA's timeline for the completion of consultation with...