EIOPA published its supervisory convergence plan for 2018-2019 for the insurance sector. The focus is on the implementation of Solvency II and conduct of business supervision.
EIOPA defined the following three priority areas to further strengthen supervisory convergence for 2018 and 2019:
- Implementation of the common supervisory culture and new supervisory tools
- Addressing risks to the internal market and to the level playing field, which may lead to supervisory arbitrage
- Supervision of emerging risks
The priorities of the supervisory plan were identified according to their impact on policyholders, financial stability, and the level playing field or the functioning of the internal market. The priority areas include the areas of supervision where practices across the EU still differ substantially. At the beginning of 2019, the supervisory convergence plan will be updated and include a progress report.
Keywords: Europe, EU, Insurance, Supervisory Convergence, Solvency II, Financial Stability, EIOPA