EIOPA recommends actions and best practices to national supervisory authorities to improve supervisory practices regarding cross-border activities

Today, the European Insurance and Pensions Authority (EIOPA) published the results of its peer review on the cooperation between supervisory authorities in the European Union (EU) on the supervision of cross-border activities of insurance undertakings. Increased cross-border activity in the EU internal market makes EIOPA’s Decision on the collaboration of the insurance supervisory authorities (Decision) a fundamental tool for reinforcing collaboration and building a common European supervisory culture.

The peer review focuses on how national supervisory authorities approach insurance cross-border activities, how they exchange supervisory information and collaborate, how data is stored and practices regarding portfolio transfers. Following the conclusions, EIOPA issues 60 recommended actions and four best practices, all addressed to the national supervisory authorities. The recommendations address those main areas:

The recommendations are focused on closing the gaps that may have a negative impact on the effectiveness of the supervisory process and are necessary to further improve cooperation among national supervisory authorities. EIOPA will closely monitor the implementation of the recommendations and will also follow-up with own specific actions.