The European Insurance and Occupational Pensions Authority (EIOPA) published today its 2024 oversight report, providing a detailed account of its oversight activities over the past year. The report showcases EIOPA’s work, in close collaboration with National Competent Authorities (NCAs), to strengthen supervisory capacity and promote supervisory convergence across the European Union, while addressing prudential and conduct-related issues, particularly regarding cross-border business.
In 2024, EIOPA strived to strengthen supervisory practices across Europe. To achieve this, EIOPA performed 12 on-site country visits, participated in 41 EU/EEA Colleges of Supervisors and coordinated 7 collaboration platforms involving NCAs.
Moreover, EIOPA provided technical assistance to NCAs, including through its own independent technical assessments and inquiries, and played an important role in equivalence monitoring.
In the area of internal models, EIOPA provided NCAs with reliable and clear comparison references between different internal models and helped them further develop supervisory tools. Four comparative studies conducted throughout 2024 – covering non-life underwriting risk, market and credit risk, life risks and diversification in internal models – served as the analytical foundation for these supervisory exchanges and discussions.
Finally, EIOPA conducted a range of activities to identify, monitor, and address conduct risks in different areas including:
- Value-for-money and retail risks indicators
- Follow-up to the thematic review on credit protection insurance (see more)
- Coverage and exclusions in household insurance product information documents or IPIDs (see more)
- Mystery shopping exercise on the sale of insurance-based investment products (see more)
- Monitoring and reporting on consumer trends and trends in costs and past performance of retail financial services (see more)
With its oversight activities, EIOPA aims to ensure high-quality supervision and a consistent and appropriate application of key regulatory frameworks, including Solvency II; the Insurance and Distribution Directive (IDD); Packaged retail and insurance-based investment products (PRIIPs); and the IORP II Directive, which regulates the activities and supervision of institutions for occupational retirement provision (IORPs).
Download the list of groups for which a College of Supervisors has been established by end of 2024