‘Securing the Future’ was chosen as the theme of the EIOPA 8th annual conference held on the 20th October 2018. The conference itself provided invaluable insight as to what the future holders for insurers and pension funds and what regulatory bodies are likely to focus on in the coming months. Throughout, the message was that supervisors’ tasks and responsibilities were not limited to correcting past mistake but also prevent new risks from materialising, thereby underlining the importance of foresight and due consideration to threats and vulnerabilities relating to emerging risks.
In particular, the Solvency II review, which should be completed by 2020, should be augur well for the domestic insurance market since it promises to emphasise the concept of proportionality, especially insofar as disclosure obligations are concerned. The review is also intended to address the concerns around illiquid liabilities – and whether the assets covering them are adequate – as well as ensuring that supervisors are granted clear and robust intervention powers to prevent systemic risks from materialising.
The developments in digitisation are equally being prioritised. Not only is…
