Areas for consultation are to include prudential regulation, the impact on national social and labour law, supervision of outsourced functions and activities, as well as general governance requirements, internal control systems, internal audit and outsourcing. The initial IORP consultation began in April with a request by the European Commission to EIOPA to provide advice on the legislative framework by December.
EIOPA was asked for input on scope, and also on the definition of cross-border activity, prudential regulation and aspects of the governance of IORP. It was the first consultation issued in EIOPA's name. Noting the tight deadlines, Sybille Reitz, EIOPA’s spokesperson, says the authority has been asked to advise the Commission by December this year, a date “which might be extended”. The original purpose of the IORP Directive, which in its current version dates back to 2003, was to enable employers operating across borders to provide efficient workplace-based pension arrangements.
The challenge of the Commission legislators is to achieve the same objective, while at the same time avoiding factors in its revised version that would discourage employers from contributing to such schemes. However, the Commission has to take into account "level playing field" considerations from pensions provided by the insurance sector.
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