The Coronavirus/COVID-19 outbreak has caused significant disruption to the economy, business and people.
EIOPA is therefore working in close cooperation with national supervisory authorities to mitigate the impact of the outbreak on the insurance and occupational pensions sectors in Europe.
"We have put in place measures that will help insurers to focus on ensuring business continuity and continuing to serve their customers. All economic actors need to work together so that we can emerge from the crisis with the insurance and occupational pensions sectors well-equipped to rebound." said Gabriel Bernardino, EIOPA's Chairman in an interview.
Supervisory measures
- 27/07/2020 EIOPA Statement on Solvency II supervisory reporting in the context of COVID-19
- 21/07/2020 Supervisory Statement on the Solvency II recognition of schemes based on reinsurance with regard to COVID-19 and credit insurance
- 08/07/2020 Supervisory expectations on Product Oversight and Governance requirements amidst the COVID-19 situation
- 04/05/2020 Joint RTS on amendments to the bilateral margin requirements under EMIR in response to the COVID-19 outbreak
- 30/04/2020 EIOPA revises its timetable for advice on Solvency II Review until end December 2020
- Extraordinary publication of Solvency II Relevant Risk Free Interest Rate Term Structures and Symmetric Adjustment to Equity Risk – now published on a weekly basis
- 03/04/2020: Solvency 2.4.0 Taxonomy - Technical specifications for EIOPA recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure
- 20/03/2020: Recommendations on supervisory flexibility regarding the deadline of supervisory reporting and public disclosure. Recommendations enable insurers to concentrate efforts on monitoring and assessing impact Coronavirus and are addressed to national competent authorities to help provide a consistent approach to supervision
- 17/03/2020: Statement on actions to mitigate the impact of Coronavirus/COVID-19 on the EU insurance sector covering issues related to business continuity and solvency and capital position
Guidance for the insurance sector
- 02/04/2020: Statement on dividends distribution and remuneration practices recommending (re)insurers to temporarily suspend all discretionary dividend distributions and share buy backs aimed at remunerating shareholders.
- 01/04/2020: Call to action for insurers and intermediaries to mitigate the impact of Coronavirus/COVID-19 on consumers underlining the importance of access to and continuity of insurance services and outlining recommended actions for insurers and intermediaries to take
Guidance for the occupational pensions sector
- 17/04/2020: Statement on principles to mitigate the impact of coronavirus/COVID-19 on the occupational pensions sector
Guidance for consumers
Other measures
Deadline extensions
- 2020 review of Solvency II: Information on the holistic assessment of the review deadline extended to 1 June 2020
- Review of technical implementation means for the package on Solvency II Supervisory Reporting and Public Disclosure deadline extended to 1 June 2020
- Consultation on PEPP ITSs deadline extended to 17 June 2020
- Consultation on Discussion Paper on IBOR transitions deadline extended to 30 June 2020
- Market and Credit Risk Comparative Study deadline is extended to 3 July 2020