Today, the European Insurance and Occupational Pensions Authority (EIOPA) published the findings of its peer review of the Regular Supervisory Report (RSR). The peer review examined how and to what extent the proportionate approach set out under the Delegated Regulation has been implemented among national competent authorities (NCAs). It also aims to determine if further convergence is needed on the frequency of submission of RSRs.
In the peer review, EIOPA analysed legal and regulatory frameworks and national supervisory practices across 31 National Competent Authorities (NCAs) in relation to decisions on the frequency of submission of the RSR, and the communication of those decisions to undertakings.
EIOPA issued a number of recommended actions that NCAs should take to bring about greater convergence in their approaches and a more consistent implementation of the principle of proportionality. NCAs are expected to have implemented the recommended actions targeting supervisory shortcomings by 2022.
As a result of the findings of the peer review, EIOPA will take number of actions to further achieve supervisory convergence in this area. It will develop further guidance in relation to the minimum requirement for submission of the full RSR and its mandatory assessment by NCAs, as well as towards the communication of the frequency of the RSR.