EIOPA Reports Progress on Insurance Supervisory Collaboration Across EU

The European Insurance and Occupational Pensions Authority (EIOPA) has released a follow-up report assessing the progress of insurance supervisory authorities' collaboration across the European Economic Area (EEA). The report, published today, evaluates the implementation of recommendations from a 2020 peer review on EIOPA's Decision regarding supervisory collaboration.

The review focused on the supervision of insurance undertakings operating under freedom of establishment (FoE) or freedom to provide services (FoS) across EU borders. EIOPA emphasizes that continuous and active collaboration between home and host national competent authorities (NCAs) is crucial for effective supervision in these cases.

According to the report, out of 50 recommended actions issued to 24 NCAs, 33 (66%) were fully implemented, while 5 (10%) were partially fulfilled. However, 12 recommended actions (24%) remain unfulfilled, with NCAs citing various reasons for the delay.

EIOPA's Decision on the collaboration of insurance supervisory authorities, introduced in 2017, is considered a fundamental tool in reinforcing cross-border supervision and building a common European supervisory culture. This approach aims to enhance consumer protection and contribute to the stability of the EU financial system.

The authority states that it will continue to closely monitor the implementation of the remaining recommended actions. This ongoing scrutiny underscores EIOPA's commitment to achieving consistent supervisory practices across the EEA.

The peer review process, which includes follow-up reports like this one, is designed to assess the application of existing practices by national supervisory authorities. It covers the implementation of directives, regulations, technical standards, and EIOPA guidelines and recommendations.

This report serves as a reminder of the importance of regulatory collaboration in an increasingly interconnected European insurance market. It also highlights the ongoing efforts to harmonize supervisory practices across the EU, a key consideration for insurance firms operating in multiple European jurisdictions.

Industry experts suggest that insurance companies and compliance professionals should closely review this report to understand the evolving regulatory landscape and anticipate potential areas of future regulatory focus.

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