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EIOPA-ASSAL Seminar on Prudential Supervision of Insurance

By February 8, 2024 No Comments
[February 8th, 2024]. – The EIOPA-ASSAL Seminar on Prudential Supervision of Insurance brought together prominent experts and representatives from Europe’s insurance and pension regulatory body to explore and discuss crucial issues 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 February 6th and 7th, provided a platform for the exchange of knowledge and experiences on a wide range of topics, from the implementation of IFRS 17 regulations to the review of key regulatory frameworks.

The seminar covered a variety of topics highly relevant to the sector, with the following highlights from the first day:

  1. Key Elements of IFRS 17; High-Level Comparison with Solvency II: The International Financial Reporting Standard 17 (IFRS 17) and its relationship with the Solvency II regulatory framework were analyzed in detail, offering an essential comparative insight for supervisors and regulators. This presentation was led by Miguel Caballero, an expert in supervisory convergence.
  2. National Implementation and Impact of IFRS 17 on Supervisory Approach: The discussion during the presentation focused on how the implementation of IFRS 17 will affect the supervisory approach at both national and regional levels, highlighting the challenges and opportunities this represents. This topic was extensively addressed by José Filipe Nunes Jardim, coordinator of the IFRS 17 application task force at the Insurance and Pension Funds Supervisory Authority (ASF) of Portugal.
  3. Introduction to Key Elements of the Ongoing Solvency II Review: A brief but concise preamble to the main elements of the ongoing Solvency II review was provided, highlighting the key aspects being evaluated to enhance the existing regulatory framework. Ornella Caruso, an expert in insurance policies, delivered this topic.
On the second day, the following topics were covered:

  1. Key Elements of Governance and Functions; Supervision Experiences and Best Practices: The Solvency II governance framework was examined in detail, along with experiences and best practices in supervision. This point was addressed by Lise Schryve, a national expert in insurance policy.
  2. Key Elements of ORSA, Experience, and Best Practices in Supervision: The essential aspects of Own Risk and Solvency Assessment (ORSA) were explored, along with its impact on the national supervisory approach, identifying best practices and associated challenges. Luca Pischedda, an expert in supervision, was responsible for delivering this aspect of ORSA.
  3. National Implementation and Impact of ORSA on Supervisory Approach: The discussion revolved around how ORSA, as a key risk management tool, enables insurance companies to assess and manage their risks comprehensively. The topic was addressed by Víctor Martínez Martín, from the Insurance Solvency Department and ORSA Coordinator at the General Directorate of Insurance and Pension Funds (DGSFP) of Spain.

The seminar provided a valuable opportunity for knowledge and experience exchange among participants, with the aim of strengthening insurance supervision and regulation in the region. Approximately 370 people participated in this event, with an average attendance of 210 women and 160 men from 22 countries in the Latin American and European regions.