[08 February 2024] – The EIOPA–ASSAL Seminar on Prudential Insurance Supervision brought together distinguished experts and representatives from Europe’s insurance and pension regulatory authority to explore and discuss crucial topics impacting the insurance market in the region. The event, organized by the Association of Insurance Supervisors of Latin America (ASSAL) and the European Insurance and Occupational Pensions Authority (EIOPA), and held virtually on 6–7 February, provided a platform for the exchange of knowledge and experiences on a wide range of issues, from the implementation of IFRS 17 standards to the review of key regulatory frameworks.
The seminar covered a variety of highly relevant topics for the sector. The following subjects stood out during the first day:
- Key elements of IFRS 17; high-level comparison with Solvency II:
A detailed analysis was presented on the International Financial Reporting Standard 17 (IFRS 17) and its relationship to the Solvency II regulatory framework, offering an essential comparative perspective for supervisors and regulators. This session was led by Miguel Caballero, expert in supervisory convergence. - National Implementation and Impact of IFRS 17 on the Supervisory Approach:
The presentation discussed how the implementation of IFRS 17 will affect supervisory approaches at both national and regional levels, highlighting the challenges and opportunities it presents. This topic was thoroughly addressed by José Filipe Nunes Jardim, coordinator of the IFRS 17 Implementation Working Group at the Portuguese Insurance and Pension Funds Supervisory Authority (ASF). - Introduction to the main elements of the ongoing Solvency II review:
A concise and informative overview was provided on the main elements of the ongoing Solvency II review, emphasizing the key aspects currently being assessed to enhance the existing regulatory framework. This session was delivered by Ornella Caruso, insurance policy expert.
On the second day, the following topics were addressed:
- Key elements of the AMSB and functions; supervisory experiences and best practices:
The Solvency II governance framework was examined in detail, along with supervisory experiences and best practices. This topic was presented by Lise Schryve, national expert in insurance policy. - Key elements of the ORSA, experience and best supervisory practices:
The essential aspects of the Own Risk and Solvency Assessment (ORSA) were explored, along with its impact on the supervisory approach at the national level, identifying best practices and associated challenges. This subject was presented by Luca Pischedda, supervision expert. - National application and impact of the ORSA on the supervisory approach:
The discussion focused on how the ORSA, as a key risk-management tool, enables insurance companies to comprehensively evaluate and manage their risks. The topic was presented by Víctor Martínez Martín, from the Solvency Department and ORSA Coordinator of the Directorate-General for Insurance and Pension Funds (DGSFP) of Spain.
The seminar provided a valuable opportunity for participants to exchange knowledge and experiences, with the aim of strengthening insurance supervision and regulation in the region. Approximately 370 people took part in the event across both days, including 210 women and 160 men, representing 22 countries from Latin America and Europe.
Visit our LinkedIn profile to read this post and follow us.
