EIOPA supports the consistent and effective application of Union Law
The objective of EIOPA's Question and Answer process on regulation (Q&A process) is to ensure the consistent and effective application of Union law and to foster supervisory convergence in the EEA.
In accordance with Article 16b of Regulation (EU) No 1094/2010 (EIOPA Regulation), any natural or legal person, including financial institutions, competent authorities and Union institutions and bodies can use the Q&A process for submitting questions relating to the practical application or implementation of the provisions of legislative acts, associated delegated and implementing acts and EIOPA’s guidelines and recommendations in the field of insurance and occupational pensions within EIOPA’s competence. The Q&A process further includes in its scope questions on the production of the risk-free rates for the calculation of technical provisions and the Symmetric Adjustment to the Equity Capital Charge (SAECC). Questions can be submitted in any official language of the Union.
How is EIOPA handling Q&As?
Financial institutions are required to consider whether to address the question in the first place to their competent authority before submitting it to EIOPA.
EIOPA will forward questions that require the interpretation of Union law to the European Commission. Such questions therefore no longer fall within the remit of EIOPA and the corresponding EIOPA timelines are no longer applicable.
EIOPA will publish the answers provided by the European Commission.
Please note that the European Commission will assess the benefits of answering the question from the point of view of public interest, and whether it would meaningfully contribute to increased legal certainty and supervisory convergence.
The European Commission may in certain cases refrain from providing an answer.
The answers provided by the European Commission clarify provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation nor do they introduce any additional requirements for the concerned financial institutions and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies, in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts.
EIOPA first assesses the admissibility of questions, and it may also reject questions it does not intend to answer. This applies to questions which are not of general interest for stakeholders.
Please note that EIOPA considers the following questions not admissible to the Q&A process:
- questions related to legal acts not referred to in Article 1(2) of the EIOPA Regulation;
- questions related to the application of the EIOPA Regulation;
- unclear, incomplete or hypothetical questions;
- questions not submitted in an official language of the EU;
- questions seeking EIOPA advice on issues which only relate to the factual circumstances of an individual submitter which would not have any relevance to other stakeholders (i.e. specific practices, business models or products);
- questions asking EIOPA where to find information on a given topic in Union law and/or EIOPA’ s instruments or to explain the provisions that are already clearly set out therein; and/or
- questions related to the national transposition or implementation of Union law.
Questions should be submitted on the application and implementation of technical standards only once they are published in the Official Journal of the European Union. A different approach is followed with respect to certain draft Implementing Technical Standards on Reporting and Disclosure in order to allow financial institutions and competent authorities to make the necessary preparations or changes to their reporting systems.
EIOPA publishes its answers to admissible questions unless such publication is in conflict with the legitimate interest of the person concerned or involves risks to the stability of the financial system.
The Q&As have no binding force. However, their application will be scrutinised and challenged by EIOPA and competent authorities given their practical significance to achieve a level-playing field.
Please note that the Q&As reflect the provisions in force on the day of their publication. Users of the Q&A tool should therefore check both the publication date of the relevant Q&A and whether the provisions referred to in the answer are still in force.
Before submitting a question, it is strongly recommended to check in the ‘search’ function of the web tool if the same question has not yet been submitted or answered
Please check Q&As published on the Internal Models templates regarding the (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision and the 2.8.2 taxonomy release here.
Search, download and submit Q&As
DOWNLOAD THE EIOPA Q&A ARCHIVE
Find QAs on topics handled jointly by the three European Supervisory Authorities (EBA, ESMA and EIOPA), such as EMIR, DORA, FICOD, MiCA, PRIIPs, SFDR, and Securitisation Regulation on the dedicated
Joint QAs section.