Supervision | Cyber Risks | Cyber insurance
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...
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...
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...
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.
Sustainability | Disclosure
Updated Joint ESA Supervisory Statement on the application of the Sustainable Finance Disclosure Regulation
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.
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...
Solvency requirements | Supervision
Supervisory statement on supervisory practices and expectations in case of breach of the solvency capital requirement
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
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.
COVID-19 | Solvency II
Supervisory Statement on the Solvency II recognition of schemes based on reinsurance with regard to COVID-19 and credit insurance
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...
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...