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Assessment and management of sustainability risks in liabilities |
Due Diligence |
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- Description:
- Insurance and reinsurance companies must take actions to assess and manage the risk of loss or adverse changes in the value of insurance and reinsurance liabilities resulting from inadequate pricing and provisioning assumptions, including sustainability risks.
- Frequency:
- Continuous
- Check frequency:
- -
- Products/Services:
- Insurance and reinsurance business
- Checking responsibility:
- -
- Check method:
- -
- Rule set:
-
-
- Source reference:
- Article 260(1)(a)(i)
- Source excerpt:
- actions to be taken by the insurance or reinsurance undertaking to assess and manage the risk of loss or of adverse change in the values of insurance and reinsurance liabilities, resulting from inadequate pricing and provisioning assumptions due to internal or external factors, including sustainability risks;
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Management of sustainability risks in the investment portfolio |
Due Diligence |
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- Description:
- Insurance and reinsurance companies must take actions to ensure that sustainability risks relating to the investment portfolio are properly identified, assessed and managed.
- Frequency:
- Continuous
- Check frequency:
- -
- Products/Services:
- Investment portfolio
- Checking responsibility:
- -
- Check method:
- -
- Rule set:
-
-
- Source reference:
- Article 260(1)(c)(vi)
- Source excerpt:
- actions to be taken by the insurance or reinsurance undertaking to ensure that sustainability risks relating to the investment portfolio are properly identified, assessed and managed.
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Integration of sustainability risks into policies |
Governance |
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- Description:
- Insurance and reinsurance companies must integrate sustainability risks into their relevant policies.
- Frequency:
- Continuous
- Check frequency:
- -
- Products/Services:
- -
- Checking responsibility:
- -
- Check method:
- -
- Rule set:
-
-
- Source reference:
- Article 260(1a)
- Source excerpt:
- The insurance and reinsurance undertakings shall integrate in their policies referred to in points (a) and (c) of paragraph 1, and where relevant, policies on the other areas referred to in paragraph 1, sustainability risks.
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Identification and assessment of sustainability risks |
Due Diligence |
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- Description:
- The risk management function must identify and assess emerging risks and sustainability risks.
- Frequency:
- Continuous
- Check frequency:
- -
- Products/Services:
- -
- Checking responsibility:
- Risk management function
- Check method:
- -
- Rule set:
-
-
- Source reference:
- Article 269(1)(e)
- Source excerpt:
- identifying and assessing emerging risks and sustainability risks.
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Inclusion of identified risks in the relevant risk category |
Governance |
-
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- Description:
- Insurance and reinsurance companies must include emerging risks and sustainability risks identified by the risk management function in the relevant risk category.
- Frequency:
- Continuous
- Check frequency:
- -
- Products/Services:
- -
- Checking responsibility:
- Risk management function
- Check method:
- -
- Rule set:
-
-
- Source reference:
- Article 269(1a)
- Source excerpt:
- Emerging risks and sustainability risks as referred to in paragraph 1, point (e), and identified by the risk management function shall form part of the risks referred to in Article 262(1), point (a).
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Consideration of sustainability risks in the remuneration policy |
Governance |
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- Description:
- The remuneration policy must include information on how it takes into account the integration of sustainability risks in the risk management system.
- Frequency:
- Continuous
- Check frequency:
- -
- Products/Services:
- -
- Checking responsibility:
- -
- Check method:
- -
- Rule set:
-
-
- Source reference:
- Article 275(4)
- Source excerpt:
- The remuneration policy shall include information on how it takes into account the integration of sustainability risks in the risk management system.
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Consideration of sustainability risks in investment risks |
Due Diligence |
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- Description:
- When identifying, measuring, monitoring, managing, controlling, reporting and assessing investment risks, insurance and reinsurance companies must take sustainability risks into account.
- Frequency:
- Continuous
- Check frequency:
- -
- Products/Services:
- Investments
- Checking responsibility:
- -
- Check method:
- -
- Rule set:
-
-
- Source reference:
- Article 275a(1)
- Source excerpt:
- When identifying, measuring, monitoring, managing, controlling, reporting and assessing risks arising from investments, as referred to in the first subparagraph of Article 132(2) of Directive 2009/138/EC, insurance and reinsurance undertakings shall take into account sustainability risks.
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Long-term impacts of investment decisions |
Due Diligence |
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- Description:
- Insurance and reinsurance companies must take into account the potential long-term impact of their investment strategy and investment decisions on sustainability factors.
- Frequency:
- Continuous
- Check frequency:
- -
- Products/Services:
- Investments and investment strategies
- Checking responsibility:
- -
- Check method:
- -
- Rule set:
-
-
- Source reference:
- Article 275a(2)
- Source excerpt:
- insurance and reinsurance undertakings shall take into account the potential long-term impact of their investment strategy and decisions on sustainability factors
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Reflection of customers’ sustainability preferences |
Governance |
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- Description:
- Where relevant, insurance companies must ensure that their investment strategy and investment decisions reflect their customers’ sustainability preferences taken into account in the product approval process.
- Frequency:
- Event-triggered
- Check frequency:
- -
- Products/Services:
- Investment products reflecting customers’ sustainability preferences
- Checking responsibility:
- -
- Check method:
- -
- Rule set:
-
-
- Source reference:
- Article 275a(2)
- Source excerpt:
- where relevant, that strategy and those decisions of an insurance undertaking shall reflect the sustainability preferences of its customers taken into account in the product approval process referred to in Article 4 of Commission Delegated Regulation (EU) 2017/2358.
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Emtract Ingest