EIOPA has published a report on its 2018 supervisory activities. EIOPA reported that in 2018 it achieved key milestones including:
- issuing a cross-border insurance technical opinion,
- developing a common framework to assess risk throughout the product lifecycle,
- using cooperation platforms for preventive and recovery purposes, and issuing opinions relating to Brexit to ensure continuity of supervisory approaches
EIOPA also set out priorities for 2019 within the report, which include:
- A focus on the practical implementation of the common supervisory culture
- Assessment of risks to the internal market and the ‘level playing field,’ as well as supervision of emerging risks
- Work on the business supervisory practices within the Supervisory Handbook
- Analysis of the technical provisions ‘best estimate’ calculation
- Supervision of run-off undertakings
- Supervisory convergence with the European Pensions sector for the implementation of IORP II
Insurers should be ready for amendments to the ‘best estimate’ calculation, and the supervision of run-off undertakings. Additionally, EIOPA will continue to focus on harmonisation of practices across Member States in 2019, notwithstanding the technical difficulties posed by Brexit.