After the publication in the OJ, the next phase is the development of technical standards and guidelines by the European Insurance and Occupational Pensions Authority (EIOPA). During this phase, there will be consultation with industry which will allow stakeholders to provide feedback on key topics.
Ahead of these consultations, Insurance Europe sets out its views on the way forward on important areas: timing, key definitions, minimum market coverage, subsidiary planning requirements, financing arrangements, critical functions and other topics. For each of these areas, there is a description of the issue and its potential consequences as well as an initial industry proposal to address the concerns. The purpose of this paper is to provide industry views on some important areas to help shape the development of technical standards and ensure that the implementation of the Directive is both practical and aligned with the operational realities of the insurance industry