European Insurance and Occupational Pensions Authority Updates
EIOPA: Use of Generative AI
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on proposed changes to supervisory reporting and public disclosure requirements under Solvency II. The aim is to reduce the reporting burden on (re)insurance companies while maintaining effective oversight. The consultation includes amendments to the Implementing Technical Standards (ITS), revised guidelines for financial stability reporting, and updated supervision guidelines for third-country insurance branches. Stakeholders are invited to submit feedback by 10 October 2025.
EIOPA: Opinion on the supervision of liquidity risk management of Institutions for Occupational Retirement Provision (IORPs)
EIOPA has issued an opinion on the supervision of liquidity risk management for Institutions for Occupational Retirement Provision (IORPs). The Opinion sets out expectations for national supervisors to enhance the monitoring, assessment, and management of liquidity risks within IORPs. The goal is to strengthen the financial stability of pension institutions, safeguard the broader financial system, and improve protection for pension scheme members and beneficiaries. This follows a public consultation held in late 2024.
EIOPA: Revised Guidelines on Exchange of Information within Colleges
EIOPA has published a consultation paper proposing updates to the framework governing how supervisory authorities across the EU exchange information about cross-border insurance groups. The aim is to enhance cooperation, consistency, and efficiency among national supervisors by clarifying roles, improving communication protocols, and aligning with recent regulatory developments. The consultation seeks stakeholder feedback the revised Guidelines on Exchange of Information on a Systemic Basis within Colleges to ensure effective supervision of insurance groups operating in multiple jurisdictions. Stakeholders are invited to submit feedback by 14 October 2025.
EIOPA: Solvency II: Technical Standards
EIOPA has submitted three regulatory technical standards and published one set of revised guidelines to support the implementation of the reviewed Solvency II Directive. These documents address various aspects, including the identification of insurance undertakings under dominant or significant influence, and criteria for determining the relevance of undertakings in the context of supervising cross-border activities. The European Commission (EC) has three months to decide on the adoption of the draft technical standards. If adopted, these standards will guide the implementation of Solvency II. The published documents include:
EIOPA: Mass-Lapse Reinsurance and Reinsurance Termination Clauses
EIOPA has published two annexes to its 2021 Opinion on the use of risk-mitigation techniques by insurance undertakings:
- Annex I: Mass-Lapse Reinsurance
Provides detailed guidance to supervisors on the prudential treatment of mass-lapse reinsurance. It aims to establish a common understanding of the key elements supervisors should consider when assessing whether the capital relief from such treaties is proportionate to the actual risk transfer. - Annex II: Reinsurance Termination Clauses
Focuses on certain features of reinsurance agreements’ termination clauses that may undermine the effective transfer of risk. Specifically, it highlights provisions that release the reinsurer from any responsibility for their portion of legitimately incurred losses during the period covered by the reinsurance treaty.
EIOPA: IRRD: Resolution Colleges and Reporting Requirements
EIOPA has opened a consultation on two key aspects of the forthcoming Insurance Recovery and Resolution Directive (IRRD) which will take effect in 2027 and introduces a recovery and resolution framework tailor-made for (re)insurers in Europe:
- Consultation Paper I: Draft Regulatory Technical Standards define the criteria and governance for establishing and operating resolution colleges. These colleges will coordinate the development of resolution plans, assess resolvability, and address potential impediments at the group level.
- Consultation Paper II: Draft Implementing Technical Standards specify the procedures and standardised templates insurers must use when submitting information to resolution authorities. These proposals aim to balance the need for effective resolution planning with minimising reporting burdens, leveraging existing Solvency II processes where possible.
The consultation remains open until 30 October 2025.
EIOPA: Solvency II: Follow up to Peer Review on Outsourcing
EIOPA has published a report following on from its 2022 peer review on outsourcing under the Solvency II framework. The report assesses progress made by National Competent Authorities (NCAs) across the EEA on the 77 recommended actions from its 2022 peer review on outsourcing.
The report highlights improvements in regulatory tools, guidance, and internal procedures, with structured notifications and enhanced documentation supporting a more data-driven, risk-based supervisory approach. Areas needing further attention include off-site supervision, full operationalisation of supervisory tools, and consistent embedding of internal procedures.
EIOPA encourages NCAs to continue strengthening supervisory practices and may issue further guidance or facilitate best practice exchanges.
EIOPA: Integration of Climate Change into Insurers’ Risk Assessments
EIOPA has published a statement on the findings of a monitoring exercise exploring how (re)insurers in Europe are integrating climate change-related risks in their Own Risk and Solvency Assessment (ORSA). The exercise follows EIOPA’s 2021 opinion on the supervision of climate change risk scenarios in ORSA, as well as a related application guidance aimed at establishing consistent practices.
EIOPA note the results of the monitoring exercise show that insurers have made important progress in integrating climate change-related risks into their risk management frameworks. EIOPA explain that most insurers in the scope of the exercise now include climate change risk assessments in their ORSAs, covering both physical and transition risks. EIOPA will continue supporting supervisory convergence and capacity building in this area.
