Supervisory statements

The Supervisory Statement addresses the main impacts of inflation on insurance and reinsurance undertakings, which may affect both life and non-life business. It is issued to support the end of the year Solvency II calculations. The impact of the inflation is undertaking specific, and this...

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...

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...

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...

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.

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.

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...

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...

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...

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.

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...

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...

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...