Today, the European Insurance and Occupational Pensions Authority (EIOPA) published an Opinion on non-life cross-border insurance business of a long-term nature and its supervision. The Opinion is addressed to National Competent Authorities (NCAs) and outlines EIOPA’s expectations on the calculation of technical provisions and the governance for cross-border business.
The objective of this Opinion is to ensure the appropriate application of the legal requirements and consistent supervisory practices with regards to the calculation of technical provisions and quantitative information on non-life long-term business with distinctive features or a high degree of local specificities.