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ERMGlossaryRiskManagementPolicy
| Reference | Title | Link |
| EIOPA (2014b) | Guidelines on system of governance | here |
Executive Summary
"Introduction
According to Article 16 of Regulation (EU) No. 1094/2010 ("EIOPA Regulation") EIOPA may issue Guidelines addressed to competent authorities or financial institutions. Before adoption of the final Guidelines EIOPA shall, where appropriate, conduct open public consultations and analyse the potential costs and benefits. In addition, EIOPA shall request the opinion of the Insurance and Reinsurance Stakeholder Group (IRSG) referred to in Article 37 of the EIOPA Regulation.
According to Articles 40 to 49, Article 93, Article 132 and Article 246 of Directive 2009/138/EC ("Solvency II Directive") and according to Articles 258 to Article 275 of Commission Delegated Regulation (EU) No 2015/35 (“Commission Delegated Regulation 2015/35”) EIOPA has developed Guidelines on system of governance.
As a result of the above, on 2 June 2014 EIOPA launched a public consultation on the draft Guidelines on system of governance. The Consultation Paper is also published on EIOPA’s website.
The Guidelines are addressed to competent authorities to:
- Set out the requirements for the sound and prudent management of undertakings without unduly restricting them in choosing how to organise themselves;
- Provide guidance on the regular review of the system of governance and the proper documentation.
Content
This Final Report includes the feedback statement to the Consultation Paper (EIOPA-CP-14/017) and the Guidelines. The Impact Assessment and the resolution of comments are published on EIOPA’s website." |
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