EIOPA clarifies supervisory expectations on product oversight and governance requirements in the context of COVID-19

  • To ensure the continuing fair treatment of customers in light of COVID-19, insurance manufacturers are asked to:
    • Identify their products affected as a result of COVID-19
    • Assess possible unfair treatment of customers for these products 
    • Consider proportionate remedial measures 

Today, the European Insurance and Occupational Pensions Authority (EIOPA) has issued a statement calling on insurance companies to review their product oversight and governance measures because of the potential impact the COVID-19 pandemic can have on products and their utility for customers. It is vitally important that insurance companies place the fair treatment of customers at the heart of their response to the COVID-19 pandemic.

Insurance manufacturers are asked to identify products whose main features, risk coverage or guarantees have been materially affected by the COVID-19 pandemic. If such products no longer offer value to the target market, insurers should assess whether there is the risk of possible unfair treatment. The assessment should be on a medium to longer term basis, to take into account product lifecycles and the evolution of the impacts of the COVID-19 pandemic.

Where there is a possibility of unfair treatment, EIOPA expects remedial measures to be taken. These measures should be proportionate to potential unfair treatment and take account of legal requirements in national civil and insurance law.

In taking remedial measures, insurance manufacturers should aim at both mitigating the situation and preventing further occurrences of detriment. Insurance manufacturers should consider a broad range of possible measures and their impact on products over the medium to long term.

This call to action is one of a series of measures that EIOPA has been taking to address the impact of COVID-19 on the insurance sector and in particular builds on its statement of 1 April 2020 calling on insurers and intermediaries to take steps to mitigate the impact of COVID-19 on consumers.

EIOPA and national supervisory authorities will continue to work collectively to ensure financial stability, market integrity and consumer protection, including by monitoring market practices in light of the COVID-19 situation.

Read the statement

Read more about EIOPA’s response to COVID-19




ESMA updates its Q&As on MiFID II and MiFIR transparency – July 2020

The new Q&A document provides technical clarifications for the performance of the mandatory systematic internaliser (SI) test. The Q&A specifies how the number of transactions and the nominal amount traded of a derivative shall be allocated when a derivative contract changes over the observation period from one sub-class to another.

Background

The purpose of this Q&A is to promote a common supervisory approach and practices in the EU on the application of MiFID II and MiFIR, in particular in the performance of the mandatory SI test. ESMA will continue to develop Q&As in the coming months and will review and update them where required.




Response Form for the Call for Evidence on Access and Use of Credit Ratings_Questionnaire A

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Press release – EP Today

Angela Merkel/German Presidency. After a bilateral meeting with EP President David Sassoli, German Chancellor Angela Merkel will address Parliament in a debate on the strategy and main goals of the German Presidency, starting at around 14.15. You can follow the debate live on Parliament’s webstreaming and EbS+.

#EU2020DE

Andreas KLEINER
(+32) 498 98 33 22
@EuroParlPress

EU summits. Looking back on the 19 June and forward to the 17 July EU summits, MEPs will convey their stance on future EU financing and economic recovery, in a debate with European Council President Charles Michel and Commission Vice-President Maroš Šefčovič, from around 16.00. You can follow the debate live on Parliament’s webstreaming and EbS+

At 18.00, EP President Sassoli will meet with Presidents von der Leyen and Michel and Chancellor Merkel to start negotiations on the MFF and Next Generation EU.

#EUCO #MFF

Armin WISDORFF
(+32) 498 98 13 45
@EP_Budgets

Reform of road transport sector. Parliament will have its final say on new rules on posting of drivers, drivers’ rest times and better enforcement of cabotage rules (transport of goods carried out by non-resident hauliers on a temporary basis). The decisive votes will take place on Wednesday evening; the results will be available the next morning. At 10.00 on Thursday, the three rapporteurs will hold a press conference. You can follow it live on Parliament’s webstreaming and EbS+.

#MobilityPackage

Inga HOGLUND
(+32) 498 98 33 29
@EP_Transport

Public health strategy. MEPs are to debate at around 20.00 with Health Commissioner Stella Kyriakides a much-needed overhaul of the EU’s public health policy to ensure that health systems across the EU are better equipped and coordinated to face future health threats. A resolution will be put to the vote on Friday. You can follow the debate live on Parliament’s webstreaming and EbS+.

Thomas HAAHR
(+32) 470 88 09 87

@EP_Environment

Votes

The first voting session starts at 16.30, with results announced at 20.00 on, among other things, the resolutions on the rights of persons with intellectual disabilities and on international and domestic parental abduction of EU children in Japan. MEPs will also vote by secret ballot on the nomination of the Austrian member of the Court of Auditors and on the appointment of the European Banking Authority’s Executive Director.

The second voting session starts at 20.30, with results announced on Thursday at 09.00, on, among other things, the reform of the EU road transport sector.




Germany: EIB provides funding of €20 million to NavVis as part of the Investment Plan for Europe

>@NavVis
©NavVis
  • Funds to cement NavVis’ position as global leader in digital twin technology
  • Financing by EU bank is provided under Investment Plan for Europe

The European Investment Bank (EIB) and NavVis GmbH announced today the signing of a contract which provides financing of €20 million to NavVis GmbH, a global market leader in digital twin technology. NavVis has experienced unprecedented growth and demand for its indoor spatial intelligence solutions, and will further invest in expanding operations to meet the need for technological innovation in the enterprise manufacturing industry.

The EU bank’s loan is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe under which the EIB and the European Commission are working together as strategic partners and the EIB’s financing operations are boosting the competitiveness of the European economy.

EIB Vice-President Ambroise Fayolle, who is responsible for innovation and operations in Germany, said: “NavVis is the world’s largest indoor data platform, this is a truly remarkable achievement. Their approach combines ground-breaking academic research with cutting-edge technologies. For the EIB, as well as the ´Investment Plan for Europe’, it is a top priority to support investment that is geared towards greater competitiveness. Therefore I very much welcome our cooperation with NavVis. We, as the bank of the EU, have to help to make sure that young innovative companies have a continuous access to financing.”

European Commissioner for the Economy, Paolo Gentiloni, said: “The Investment Plan for Europe has a very strong track record in identifying and supporting innovative technology companies. The EIB’s €20 million in financing will enable NavVis to continue pushing the boundaries of what is possible with its “digital twin technology” to the benefit of companies in Europe and across the world”.

NavVis CEO, Felix Reinshagen said: “We’re proud to receive this financing from the EIB, which represents an important milestone in our long-term vision of digitizing all buildings. The EIB clearly recognizes the untapped potential  not just in Europe but around the world, and supports our belief that in the future there’ll be a digital twin of every building. The funds will be used for the continuous build-out of our technology and global market presence, and in the months ahead we’ll double down on our expansion into the digital factory space. Now more than ever, enterprises need our support in managing their digital transformation.”

NavVis CFO, Jeno Schadrack said: “We’re honored to have won EIB as a partner who shares our market view and technology vision and trusts in NavVis to play a leading role in the global market for indoor spatial intelligence. The funds will allow NavVis to accelerate the delivery of digital twins to enterprises and support the digital transformation in the manufacturing industry. It also demonstrates that Europe plays an important role in game-changing innovations.”

Background information

About NavVis

NavVis is a leading global provider of indoor spatial intelligence technology and solutions for enterprises, trusted by top companies including BMW, Daimler, Allianz, Audi, and Skoda. NavVis helps enterprises drive efficiencies and optimize business performance through its powerful digital twin platform for the indoors that enables accurate mapping at unprecedented speed and scale, immersive 3D visualization designed for collaboration and location-based apps that pioneer AI-powered positioning technology. Founded in 2013, NavVis is headquartered in Munich and has offices in New York and Shanghai. For more information, visit www.navvis.com.