May 17, 2019

EIOPA published additional questions and answers (Q&A) on guidelines, directives, and regulations applicable to insurers in Europe. This update covers answers related to the Solvency II Directive (EU Regulation No. 2009-138), the templates for submission of information to supervisory authorities (EU Regulation No. 2015-2450), and the EU Regulation No. 2015-35 supplementing Directive 2009-138.

The EIOPA Q&A tool is intended to ensure  consistent and effective application of insurance regulations in the European economic area. The Q&A tool can be used by all parties, including financial institutions, supervisors, and other stakeholders, for submitting questions on regulatory tools that have been published by EIOPA. Financial institutions, supervisors, and other stakeholders can use the Q&A process for submitting questions on EU law and EIOPA guidelines within the area of insurance and pensions. The Q&As have no binding force in law, nor are they subject to "comply or explain." However, their application will be rigorously scrutinized and challenged by EIOPA and national supervisory authorities, given their practical significance to achieve a level playing field.

 

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Keywords: Europe, EU, Insurance, Solvency II, Q&A, Delegated and Implementing Regulations, Reporting, EIOPA

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