EIOPA REGULAR USE
13 January 2017
Public guidance on EIOPA's Q&A process on regulation
What is the purpose of the Q&A process?
EIOPA’s mandate is to build a common Union supervisory culture with consistent supervisory practices, as stated in Articles 8(1)(b) and 29 of Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010. Accordingly, EIOPA shall play an active role and may, as appropriate, develop new practical instruments and convergence tools to promote common supervisory approaches and practices. The Q&A process is a means for EIOPA to publicly address questions from stakeholders on regulation and to promote the consistent understanding and the convergent application of the regulation within its scope of activity.
Questions on the practical application as well as the legal interpretation of the regulation can be processed through the Q&A process, with the involvement of experts from national supervisory authorities and the European Commission services of DG Financial Stability, Financial Services and Capital Markets Union.
The answers provided by EIOPA are of non-binding nature and do not constitute professional or legal advice. Answers on Guidelines are without prejudice to the discretion of national competent authorities to decide how to comply with Guidelines. Answers prepared with the cooperation of the Directorate General for Financial Stability, Financial services and Capital Markets Union, are being communicated by EIOPA on its behalf and will not be binding on the European Commission as an institution. The European Commission could adopt a position different from the one expressed in the Q&A process, for instance in infringement proceedings or after a detailed examination of a specific case or on the basis of any new legal or factual elements that may have been brought to its attention.
Only the Court of Justice of the European Union is competent to provide definitive interpretations of EU legislation.
Who can ask questions?
Questions can be asked by all parties, including institutions, individuals, entities, federations, national authorities, etc.
On which topics can I ask questions?
The scope of the Q&A process no regulation currently encompasses:
- Directive 2009/138/EC of November 2009 on the taking-up and pursuit of the business of insurance and reinsurance (hereafter Solvency II Directive)[1];
- Commission Delegated Regulation (EU) 2015/35 on the taking-up and pursuit of the business of insurance and reinsurance (hereafter Solvency II Delegated Regulation)[2];
- Commission Implementing Regulations laying down implementing technical standards in accordance with Directive 2009/138/EC[3] (hereafter Solvency II Implementing Regulations);
- Commission Delegated Decision (EU) 2015/1602 on the equivalence of the solvency and prudential regime for insurance and reinsurance undertakings in force in Switzerland based on articles 172(2), 227(4) and 260(3) of the Solvency II Directive[4];
- Commission Delegated Decision (EU) 2015/2290 on the provisional equivalence of the solvency regimes in force in Australia, Bermuda, Brazil, Canada, Mexico and the United States and applicable to insurance and reinsurance undertakings with head offices in those third countries[5];
- Commission Delegated Decision (EU) 2016/309 on the equivalence of the supervisory regime for insurance and reinsurance undertakings in force in Bermuda to the regime laid down in the Solvency II Directive and amending Commission Delegated Decision (EU) 2015/2290[6];
- Commission Delegated Decision (EU) 2016/310 on the equivalence of the solvency regime for insurance and reinsurance undertakings in force in Japan to the regime laid down in the Solvency II Directive[7];
- EIOPA Guidelines based on the Solvency II Directive and the Solvency II Delegated Regulation (hereafter SII Guidelines) and Opinions;
- EIOPA Guidelines on complaints-handling by insurance intermediaries;
- EIOPA Guidelines on complaints-handling by insurance undertakings ;
EIOPA Preparatory Guidelines on product oversight and governance arrangements by insurance undertakings and insurance distributors related to Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution;
The Q&A process further includes in its scope questions on the production by EIOPA of the risk free rates for the calculation of technical provisions. The European Commission's implementing regulations containing the technical information for the calculation of technical provisions (i.e. the relevant risk free rates) are currently not in the scope of the Q&A process.
How will I know that my question has been received?
Upon submission of a question via the web-tool, an automatic email notification is sent to you informing you that your question has been received.
When will I get an answer?
EIOPA aims to answer questions within 2-4 months. However, depending on the complexity of the question a longer period might be required, in which case stakeholders will be informed of any expected delays.
Translations are likely to cause delay to the development and publication of the response, where the question has been asked in another language than English.
Do I have to use a certain language?
You can ask your question in any official EU language. However, please be aware that if your question is not in English this will involve translation and therefore there may be a delay in responding to your question.
In what language will the questions and answers be published?
Questions and answers will only be published on the website in English. Where a question is asked in another official EU language, the answer will be provided in that language directly to the inquirer. The question and answer will then be translated and published on the website.
How can I search for questions and answers?
Questions and answers are published on EIOPA's website in chronological order according to the date of publication (from older on top to most recent at the bottom of the list). The numbering of questions follows an internal documentation standard and has no relation to the date of publication or response.
Completing the template for submitting questions
You can find guidance below on how to complete the different fields in the template for submitting questions to the Q&A process. You must complete all the fields indicated with an asterisk (*) in order for your question to be answered.
Only the reference, question and answer will be published.
Your personal data will be handled according to the relevant data protection rules as stated in EIOPA’s Legal Notice.
Please do not add personal information in the ‘Question’ field.
Document
Select one of the items from the list in the drop down menu
Reference
Provide the relevant reference within the selected document (e.g. Article, paragraph, topic).
Organisation
Provide the organisation that you represent or state ‘private individual’.
Contact person
Provide your full name.
Provide an email address to enable EIOPA to contact you, for example to request further information or clarification on the question.
Member state
Select the EU or EEA member state in which you reside or select ‘not applicable’ (N/A) if you reside outside of the EU.
National competent authority
If you work for a financial institution, for example an insurance or reinsurance undertaking, which is supervised by a national financial regulatory or supervisory authority, provide the name of that national authority. If you do not work for such an institution, please select ‘not applicable’ (N/A).
Question
Questions should be specific and clear. Hypothetical questions (e.g. "What would happen if yyy happens?" or "What would have been the consequence under provision xxx if yyy had happened?") are likely to be rejected.
Before submitting a question, it should be ascertained that the question has not been asked already.
Please do not add personal information in the ‘Question’ field.
Relevant background information
Background information that is necessary to understand the question should be provided, for example by adding practical examples. Inquirers are invited to explain the reasons why the question is being asked and why it constitutes an issue of consistent legal or practical application. This would facilitate the analysis and improve the timeliness of answers by EIOPA.
Inquirers are advised to share their view on what the draft answer to the question should be.
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[1] OJ L 335, 17.12.2009, p.1.
[2] OJ L 12, 17.1.2015, p.1.
[3] OJ L 76 20.3.2015, p. 13–41; OJ L 79 25.3.2015, p. 8–22; OJ L 295 12.11.2015, p. 3–22; OJ L 347 31.12.2015, p. 1–1480; OJ L 243 10.9.2016, p. 1–3; OJ L 275 12.10.2016, p. 19–26.
[4] OJ L 248, 24.9.2015, p. 95–98.
[5] OJ L 323, 9.12.2015, p. 22–26.
[6] OJ L 58, 4.3.2016, p. 50–54.
[7] OJ L 58, 4.3.2016, p. 55–58.