EIOPA extends 2020 SII Review holistic impact assessment deadline by 2 months

Written by Adam Cadle

18/03/2020

EIOPA is extending the deadline of the holistic impact assessment for the 2020 Solvency II Review by two months, to 1 June 2020.

In its statement on actions to mitigate the impact of coronavirus on the EU insurance sector, EIOPA said it will “communicate details on postponing additional reporting and information requirements” in the coming days.

“It is particularly important that insurers are able to maintain the services to their clients,” it added.

“In this sense, insurance companies should be ready to implement the necessary measures to ensure business continuity.”

EIOPA said it will also limit the requests of information and the consultations to the industry to essential elements needed to assess and monitor the impact of the current situation in the market.

In terms of capital positions, EIOPA stated that insurance companies “should take measures to preserve their capital position in balance with the protection of the insured, following prudent dividend and other distribution policies, including variable remuneration”.

“EIOPA will continue to monitor the situation and will take or propose to EU institutions any measure necessary in order to mitigate the impact of market volatility to the stability of the insurance sector in Europe and safeguard the protection of policyholders.”

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