# Commission Implementing Regulation (EU) 2020/1197 of 30 July 2020 laying down technical specifications and arrangements pursuant to Regulation (EU) 2019/2152 of the European Parliament and of the Council on European business statistics repealing 10 legal acts in the field of business statistics (Text with EEA relevance), Division 6: Insurance and pension services

Extent: E+W+S+N.I.

Insurance and pension services covers the provision to non-residents of various types of insurance by resident insurance enterprises, and vice versa.
Insurance provides individual units (Governments, enterprises and households) exposed to certain risks with financial protection against the consequences of the occurrence of specified events. In addition, insurers often act as financial intermediaries who invest funds collected from these units in financial or other assets in order to meet future claims.
Pension funds are established to provide benefits for retirement or invalidity of specific groups of employees. They are similar to insurance in that they act as intermediaries with regard to investing the funds for their beneficiaries and redistribute some risks.
Insurance and pension services include the following sub-components: direct insurance; reinsurance; auxiliary insurance; pension services and standardized guarantee services.

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Source: https://www.legislation.gov.uk/eur/2020/1197/annex/VI/section/2/division/II/division/2/division/6 (the official version)
Page: https://openlegislation.uk/eu-regulation-2020-1197/annex-VI/section-2/division-II/division-2/division-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.