EIOPA updates guidelines to facilitate information-sharing within supervisory colleges

The European Insurance and Occupational Pensions Authority (EIOPA) today published revised Guidelines on the systematic exchange of information within Colleges of Supervisors. The updated Guidelines promote a proportionate and practical approach to the sharing of relevant information among supervisors.

The revisions aim to strengthen supervisory cooperation by establishing a consistent and systematic approach to the exchange of information among National Competent Authorities (NCAs) that are involved in the supervision of cross-border insurance groups in the European Economic Area (EEA).

They improve upon the framework introduced in 2015 by streamlining annexes and updating legal references to reflect the latest regulatory developments. The guidelines also introduce new provisions on the sharing of group Own Risk and Solvency Assessment (ORSA) reports within colleges to facilitate and improve supervisors’ collective understanding of a group’s risks, while maintaining strict confidentiality safeguards.

Importantly, the revised Guidelines do not introduce any new reporting requirements. Instead, they leverage already reported data to enhance the supervision of cross-border groups. They supplement existing Guidelines on the operational functioning of colleges.

Go to the revised Guidelines

Background

Colleges of supervisors are forums where national supervisory authorities coordinate the supervision of insurance groups operating across borders. They facilitate information exchange, promote joint decision-making, and support the adoption of common supervisory approaches for effective group-wide oversight under the Solvency II framework.