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Member, Beacon International Group, Ltd.
FRANKFURT, Germany—The European Insurance and Occupational Pensions Authority has published a second consultation paper on its proposals to amend the Institutions for Occupational Retirement Provisions directive.
The paper, published Tuesday, seeks responses from interested parties on whether certain articles of the upcoming Solvency II rules for insurers in the European Union should be applied to pension providers.
Among other things, Frankfurt, Germany-based EIOPA asks interested parties to give their views on whether the assets of pension providers should be valued on a market-consistent basis, and whether the Solvency II capital requirement and minimum capital requirement should be applied to European pension plans.
Interested parties have until Jan. 2, 2012, to respond.
“Sponsors of pension schemes should be following these developments closely and be asking what any proposed changes might mean for them and how this might affect their strategic pension planning,” Jonathan Camfield, a partner at London-based actuarial firm Lane, Clark & Peacock L.L.P., said in a statement.
“We suspect that many companies and pension schemes may wish to respond to EIOPA's consultation. Some may also want to start lobbying the European Commission on this subject, in advance of a review of the relevant European directive due to be completed next year,” he said.
The consultation paper can be viewed here.
FRANKFURT, Germany—Most European insurers and reinsurers remain “robust,” according to a stress test by the European Insurance and Occupational Pensions Authority.