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Financial stability (insurers and pension funds) [11]

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Bullet points include: European Insurance and Occupational Pensions Authority: three previous papers on macroprudential policy (in 2017 and 2018) plus 2019 Consultation. Greater emphasis on Solvency II than ESRB, but mostly similar conclusions. European Commission also raised topic in its call for advice from EIOPA on 2020 Solvency II Review. “EIOPA is asked to assess whether the existing provisions of the Solvency II framework allow for an appropriate macro-prudential supervision. Where EIOPA concludes that it is not the case, EIOPA is asked to advise on how to improve the following closed list of items: the own-risk and solvency assessment; the drafting of a systemic risk management plan; liquidity risk management planning and liquidity reporting; the prudent person principle. This assessment should be based on strong supporting evidence, also assessing the possible impact of such additional specifications of insurers’ behaviour and possible interactions with other Solvency II instruments.”

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