EIOPA consults on governance arrangements in third countries

EIOPA has launched a public consultation relating to a draft supervisory statement on the use of governance arrangements in third countries.

EIOPA’s aim with the supervisory statement is to enhance the supervision and monitoring of insurance undertakings’ and intermediaries’ compliance with relevant EU legislation concerning governance arrangements in third countries.

Governance arrangements raise concerns when they are used to conduct certain regulated functions and activities for undertakings and intermediaries that ultimately serve policyholders in EEA. This has the potential to impair risk management and effective decision making, and impact the ability of supervisory authorities to conduct proper supervision.

Stakeholders are invited to provide their feedback on the draft supervisory statement by 31 October 2022.

Harshil Patel