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EIOPA ensures consistent and effective application of European regulation

The objective of EIOPA's Question and Answer process on regulation (Q&A process) on Regulation is to ensure consistent and effective application of European regulation and to contribute to supervisory convergence in the EEA within EIOPA's scope of action.

The process entails close and ongoing interaction between EIOPA and the European Commission to ensure that the responses to the questions submitted remain consistent with the European legislative texts.

Financial institutions, supervisors and other stakeholders can use the Q&A process for submitting questions on Union law and EIOPA Guidelines within the area of insurance and pensions.

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This includes:

  • Directive 2009/138/EC of November 2009 (Solvency II Directive), Delegated Regulation (EU) 2015/35 (Solvency II Delegated Regulation), Commission Implementing Regulations laying down implementing technical standards in accordance with Directive 2009/138/EC (Solvency II Implementing Regulations) and EIOPA Guidelines related to Solvency II
  • Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (IDD), Commission Delegated Regulations supplementing Directive (EU) 2016/97, Commission Implementing Regulation (EU) 2017/1469 and EIOPA Guidelines under Directive (EU) 2016/97
  • EIOPA Guidelines on complaints-handling by insurance intermediaries and EIOPA Guidelines on complaints-handling by insurance undertakings

The process also applies to questions on the technical information related to the production of the risk-free rate.

For questions that go beyond matters of consistent and effective application of the regulation, a Directorate-General of the Commission (Directorate General Financial Stability, Financial Services and Capital Markets Union) will prepare answers, albeit that only the Court of Justice of the European Union can provide definitive interpretations of EU legislation. These answers will be unofficial opinions of that Directorate General, which EIOPA publishes on its behalf. These answers are not binding on the European Commission as an institution. The European Commission could adopt a position different from the one expressed in such Q&A, 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.

The Q&As have no binding force in law, nor are they subject to ""comply or explain"". However their application will be rigorously scrutinised and challenged by EIOPA and national supervisory authorities given their practical significance to achieve a level-playing field.

EIOPA's Question and Answer (Q&A) tool can be used by all parties, including ​financial institutions, supervisors and other stakeholders, for submitting questions on particular regulatory tools that have been published by EIOPA. These include Guidelines, but also particular (regulatory) processes such as the publication of the risk free rate.

The objective of the Q&A tool is to ensure the consistent and effective application of the regulation in the EEA.

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