The European Insurance and Occupational Pensions Authority (EIOPA) has published its annual Work Programme 2016. According to EIOPA, in order to reflect the major demands and important developments in the regulatory space, it has devised its strategic objectives to cover consumer protection, the development of sound regulation, quality, consistency and convergence of EU supervision and financial stability.
EIOPA’s four key priorities for 2016 are:
- Focus on Solvency II implementation − EIOPA will monitor how the implementing measures work in practice and whether the rules are delivering on the underlying principles.
- Whole product life cycle-focused consumer protection – EIOPA will place greater emphasis on preventive, risk-based regulation and supervision. The aim is to broaden the perspective to the entire value chain and strengthen the focus on risks and their prevention from the product design phase to the eventual role of Insurance Guarantee Schemes.
- Constant quality cycle for regulation – EIOPA will maintain a clear focus on the underlying principles and rationale to ensure that regulation is sound and risk based.
- Take a pro-active approach to international developments – with clear links to Solvency II implementation, EIOPA acknowledges that it will be important that it continues to be highly involved in the development of the International Capital Standards.
Given EIOPA’s central role in the development and oversight of the Solvency II regime, as well as the overall regulatory agenda, it is worthwhile taking note of where its focus lies in the future.
The EIOPA Annual Work Programme 2016 is available to view on their website.