EIOPA publishes Opinion on supervision of cross-border non-life insurance

EIOPA has published an Opinion on the supervision of cross-border non-life insurance where the risk is of a long term nature.

In the Opinion, EIOPA notes that this type of insurance is often more uncertain than the majority of non-life business, requiring both knowledge of the local market and actuarial skills for the calculation of the technical provisions and the management of the activity.

The Opinion, while addressed to national competent authorities, sets out EIOPA’s expectations on matters including expectations on technical provisions, with a focus on the best estimate calculation, and on the key functions and the administrative management or supervisory body.