Insurance Europe has today published its response to a consultation by the European Insurance and Occupational Pensions Authority (EIOPA) on its implementing technical standards (ITS) for supervisory reporting and cooperation and the exchange of information between authorities for the pan-European personal pension product (PEPP).
Insurance Europe called on EIOPA to clarify and streamline the quantity of information that will need to be reported. Insurers are concerned that the suggested “reduced” approach could in reality turn out to be an “extended” burdensome, costly and disproportionate one.
Insurers are already subject to sophisticated reporting requirements under the Solvency II regulatory framework. PEPP reporting should therefore be incorporated into the annual Solvency II reporting to minimise costs and the burden of compliance.
Regarding the frequency of reporting, insurers support reporting PEPP-related information on an annual basis. This is a reasonable frequency to properly monitor PEPP developments while reducing/managing the regulatory burden.
The insurance industry is also concerned that the suggested granularity – at basic PEPP level – of the reporting will be extremely burdensome and conflict with sectorial frameworks applicable to providers and with the PEPP Regulation itself.
Finally, Insurance Europe called on EIOPA to clarify many aspects of the Regulation in relation to PEPP supervision to ensure legal certainty and consistent implementation across Europe.