2011/61/EU (AIFM), Directive 2014/65/EU (MiFID II) and Directive 2016/97/EU (Insurance Distribution Directive- IDD) with regard to the integration of sustainability risks and sustainability factors. It is the core of the single prudential rule book … ... EU … Pierpaolo Marano is Professor of Insurance Law in the Faculty of Banking, Finance and Insurance at the Catholic University of the Sacred Heart, Milan, Italy.A widely-sought writer and speaker on insurance law and regulation, he served as an academic member of the EIOPA Insurance and Reinsurance Stakeholder Group in 2012/13, and the EIOPA Occupational Pensions Stakeholder Group in 2013/2016. Afterwards, the EU set in place harmonized rules for reinsurance and solvency requirements, without waiting for international standards. 15 February 2019. Secondly (and surprisingly some might think today), the EU actually prohibited much of the regulation that was bearing down on the insurance industries of other countries on the grounds that it was antithetical to the Single Market. All Events. It is a warning both about the EU and about Brexit. The Regulation harmonises the assessment and supervision processes for clinical trials throughout the EU, via a Clinical Trials Information System (CTIS). Event; Public forum. Ensure a consistent level of customer protection across the EU. COVID-19 measures. 5 Mar 2020. Introduction This book explores the profound transformation that has taken place in European insurance legislation since January 2016. Directives. The overarching goal of the Basel III agreement and its implementing act in Europe, the Capital Requirements Regulation (CRR) and Directive (CRD), is to strengthen the resilience of the banking sector across the European Union (EU) so it would be better placed to absorb economic shocks while ensuring that banks continue to finance economic activity and growth.The European The European Insurance and Occupational Pensions Authority (EIOPA) is a European Union financial regulatory institution. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Back 13 Mar 2020. However, it is up to the individual countries to devise their own laws on how to reach these goals. Before the UK joined the European Union, we had a stable and vibrant financial sector which had always been one of the most lightly regulated in the world. Nothing much changed when we joined the EU, though some existing directives were imposed upon us. New publication: Making EU insurance regulation that works and benefits consumers. The federation remains fully operational, with all staff working remotely and meetings taking place via video/conference calls. (EU Exit) Regulations 2019. Consumer protection. The Future of Insurance Regulation and Supervision in the EU: New Developments, New Challenges The Insurance Distribution Directive (IDD) sets the regulatory framework for the distribution of insurance in the EU updating and replacing the Insurance Mediation Directive (IMD). Following an EU Parliament vote on the Omnibus II Directive on 11 March 2014, Solvency II came into effect on 1 January 2016. Event; Public forum. Background . We use cookies to improve our online services. Regulation (EC) 785/2004 also defines the minimum level of insurance coverage per accident, depending upon the Maximum Take-Off Mass of the drone. Insurance companies can sell their products anywhere in the EU – either by establishing themselves in other countries, or providing their services across borders directly, for example via their websites, or through intermediaries.. You can therefore shop around the European market for the best deals on insurance products (for example, life insurance, household insurance, and car insurance). The regulator could, additionally, have a more comprehensive regulatory regime which companies could enter if they wished. Compare that with the nine pages of law and nine pages of regulatory returns required by the 1870 Insurance Companies Act which formed the regulatory framework surrounding the UK insurance market for 100 years – a period during which there were no failures of life insurance companies that damaged policyholders. No. high-quality EU insurance regulation that protects consumers effectively and helps them to buy the right products. REGULATION (EC) No 785/2004 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL. Jean Monnet Chair: EU Financial and Insurance Markets Regulation (EuFIMAR) The Chair aims to boost the knowledge and to understand EU financial and insurance markets through a multi-step approach. COVID-19: Insurance Europe remains fully operational. Prospectus Chair: Paul Arlman, Secretary General Federation of European Securities Exchanges (FESE) Rapporteur: Joe McCahery, University…, CEPS Task Force Report: Towards a Sustainable European Agricultural Policy for the 21st Century Author: Johan Swinnen The debate on…, CEPS Task Force Report: Business and Sustainability in the European Union Authors: Richard Almgren & Wolfgang Hager Sustainability requires radical…, Centre for European Policy Studies The overall aim of…, Technology, Governance and Policy Challenges, Artificial Intelligence is showing enormous promise for improving our daily life. EU laws improving the way insurance products are sold. The US does not have a strong regulatory capacity in insurance, which is a state, not a federal competence. It sets out to harmonise regulation of the insurance market across the single European market and to improve consumer protection standards. This insurance extends your cover (e.g. The EU has not yet granted equivalence to any UK regulatory standards as the recognition of UK financial services standards (all aligned with EU rules until the end of 2020) has been part of the ongoing negotiation on a free trade agreement between the UK and the EU. Place du Congrès 1, 1000 Brussels This regime is known as ‘Solvency II’ and it involves harmonising EU insurance regulation. Solvency II. Fax: +32 (0) 2 894 49 39, Next Regulation (EC) No 785/2004 of the European Parliament and of the Council of 21 April 2004 on insurance requirements for air carriers and aircraft operators (OJ L 138, 30.4.2004, pp. The regulator should be able to correspond with the company if it has concerns and publish the correspondence. Solvency II is a Directive in European Union law that codifies and harmonises the EU insurance regulation. Insurance is based on trust, so a firm underpinning of appropriate regulation is essential for a well-functioning industry. Countless applications in many sectors of the economy are…, Opportunities and responsibilities in an evolving digital ecosystem, In 2016, the European Commission published an ambitious communication aimed at spurring the development of Europe’s Collaborative Economy.