Insurance

European Insurance and Occupational Pensions Authority

Supervisory convergence plan for 2022 - published by EIOPA - 9 February 2022

The European Insurance and Occupational Pensions Authority (EIOPA) has published its supervisory convergence plan for 2022 (EIOPA-21/619) with reference to a number of priority areas, including:

• practical implementation of the common supervisory culture and further development of supervisory tools: EIOPA will, among other priorities, continue working on proportionality, supervisory assessments of conduct risk, ESG issues and group supervision;
• risks to the internal market and the level playing field that may lead to supervisory arbitrage: EIOPA will focus on supervisory convergence tools in calculating technical provisions and benchmark studies on internal models, and will address inconsistencies in the way national competent authorities treat reinsurance undertakings with their head office in third countries; and
• supervision of emerging risks: with priorities including the implementation of the new framework on digital operational resilience, the supervision of run-off undertakings and the development of a supervisory convergence tool on cyber underwriting.

New priorities for 2022 have also been added to the plan, covering areas such as exclusions from insurance cover and the lack of clarity in insurance contracts revealed by the COVID-19 pandemic, the supervision of captives and issues related to digital transformation.

EIOPA supervisory convergence plan for 2022 (EIOPA-21/619)

Press release                                                     

See also the General section for items on the ESAs’s response to the European Commission’s call for advice on digital finance and the second round of the Bank of England’s Climate Biennial Exploratory Scenario.