EIOPA: Peer Review on the collaboration of the insurance NSAs

EIOPA has published the findings of a peer review on the supervisory practices related to the decision concerning the collaboration amongst supervisory authorities in relation to insurance cross-border activities, data storage and portfolio transfer.

EIOPA found differences in the approaches and practices of supervisory authorities, and has published recommended actions. The recommendations relate to:

  • information sharing relating to new authorisations;
  • exchange of information between home and host member states relating to the formal notification of cross-border activity such as freedom of establishment and freedom to provide services; and
  • improvement in and updating of data storage tools to make all necessary information relating to cross-border activity readily available to share with other authorities.

EIOPA expects the recommended actions to be implemented by Q4 of 2022.

FIN. Team