EIOPA publishes new guidelines to promote diversity on (re)insurers’ boards

The European Insurance and Occupational Pensions Authority (EIOPA) published new Guidelines today on diversity considerations that (re)insurance undertakings should take into account when selecting members of their administrative, management and supervisory bodies (AMSBs). EIOPA issues these Guidelines following a recent amendment to the Solvency II Directive that aims to promote greater diversity among entities’ decision-makers.

In providing these Guidelines, EIOPA is responding to an amendment – introduced to the regulatory framework during the Solvency II Review – which requires (re)insurance undertakings to put in place policies promoting diversity within their administrative, management and supervisory bodies, including by setting quantitative objectives related to gender balance. Moreover, the amendment requests EIOPA to issue guidelines on the notion of diversity.

The Guidelines aim to promote diversity in the composition of senior function holders at (re)insurers on the basis of their educational and professional background, age, gender and geographical origin — both when recruiting new members to AMSBs and on an ongoing basis.

Diverse and inclusive decision-making bodies typically bring together a broad range of experiences, knowledge, skills and values. These elements, in turn, contribute meaningfully to a variety of perspectives, encourage independent thinking and help avoid the pitfalls of groupthink – all of which support a sound decision-making process for European (re)insurers.

The Guidelines apply to all (re)insurance undertakings and groups, and have been developed to align with similar diversity guidelines for banks and financial market participants to ensure consistency across the EU’s financial sector.

Go to the Guidelines on diversity

Today’s publication also includes a set of revised Guidelines on a separate aspect of Solvency II. The updated Guidelines on methods for determining market shares for supervisory reporting align the existing framework with the legal changes introduced throughout the Solvency II Review.

Both sets of Guidelines will become applicable as of 30 January 2027.

Go to the revised Guidelines on market shares