Supervisory statements

Supervision | Cyber Risks | Cyber insurance

Supervisory statement on the management of non-affirmative cyber exposures

The frequency and sophistication of cyber incidents in the financial sector has increased substantially over the course of the last few years, as economic and financial activities have been heavily digitalised. Against this backdrop, EIOPA recommends NCAs to dedicate higher attention to the...
Supervision

Supervisory statement on exclusions in insurance products related to risks arising from systemic events

As the frequency of systemic events increases, there is a risk that insurance products covering them become unaffordable or unavailable. At the same time, products covering such events or products silent about the coverage may explicitly exclude them in the future. These developments have the...
PRIIPs

Joint ESA Supervisory Statement on expectations regarding the 'What is this product' section in PRIIPs KID

The objective of this Supervisory Statement is to achieve a high, effective and consistent level of regulation and national supervision promoting a level playing field and the protection of retail investors. The ‘What is this product?’ section is the first descriptive section of the KID and is an...
Supervision

Supervisory statement on the supervision of run-off undertakings

The aim of the statement is to ensure that a high-quality and convergent supervision is applied to run-off undertakings and portfolios while taking into account their specific nature and risks, the principle of proportionality and the prudent person principle.
Supervision

Supervisory Convergence Plan for 2022

Consumer protection

Supervisory statement on assessment of value for money of unit-linked insurance products under product oversight and governance

With this statement EIOPA highlights that while value for money is embedded already within product oversight and governance requirements, more convergence is needed in practical supervisory implementation.
ORSA

Supervisory Statement on ORSA in the context of COVID-19

The supervisory statement on Own Risk and Solvency Assessment (ORSA) in the context of COVID-19 pandemic focuses on the supervision of the internal processes of undertakings that are necessary for having a good quality ORSA in place. The statement is accompanied with the resolution of comments from...
Sustainability

Joint ESA Supervisory Statement on the application of the Sustainable Finance Disclosure Regulation

Update (27.07.2021) : Please note that the European Commission has sent on 8 July 2021 a letter to the European Parliament and Council announcing that it intends to bundle all 13 Regulatory Technical Standards (RTS) in a single delegated act and to defer the application of 1 January 2022 by six...
IORP | Supervision | Supervisory framework

Supervisory Statement on the sound practices within the registration or authorisation process of IORPs

The European Insurance and Occupational Pensions Authority (EIOPA) provides this Supervisory Statement on the basis of Article 29(2) of Regulation (EU) No 1094/2010 to promote common supervisory approaches and practices. This Supervisory Statement is based on Directive (EU) 2016/2341 (‘the IORP II...
COVID-19 | Reporting | Solvency II | Supervision

EIOPA Statement on Solvency II supervisory reporting in the context of COVID-19

Following EIOPA’s Recommendations of 20 March 2020 on annual and quarterly reporting and publication deadlines, EIOPA considers that insurance and reinsurance undertakings should now be in condition to comply with the deadlines provided in the Solvency II framework.
Consumer protection | COVID-19

Supervisory expectations on Product Oversight and Governance requirements amidst the COVID-19 situation

Following the statement issued on 1 April 2020 on mitigating the impact of the COVID-19 situation on consumers, and taking into account different measures taken by a number of insurance manufacturers, EIOPA considers it important to further clarify its expectations on the application of Product...
COVID-19

Statement on principles to mitigate the impact of Coronavirus/COVID-19 on the occupational pensions sector

1. The European Insurance and Occupational Pensions Authority (EIOPA) has been closely monitoring the coronavirus/COVID-19 developments in relation to the occupational pensions sector. As long-term investors Institutions for Occupational Retirement Provision (IORPs) can play a stabilising role in...
COVID-19 | Financial stability

EIOPA statement on dividends distribution and variable remuneration policies in the context of COVID-19

EIOPA considers that it is essential to ensure the access to and continuity of insurance services, safeguarding the ability of the insurance sector to continue to perform its role as risk transfer mechanism from citizens and businesses and its capacity to mobilize savings and invest them in the...
Financial stability

Supervisory Statement on the impact of the ultra-low/negative interest rate environment

Solvency II

EIOPA Supervisory Statement - Application Proportionality Solvency Capital Requirement