On 18 June, the European Insurance and Occupational Pensions Authority (“EIOPA“) published the findings of its peer review of the Regular Supervisory Report (“RSR“). The review examined how and to what extent the proportionate approach set out under the Solvency 2 Delegated Regulation has been implemented among national competent authorities (“NCAs“). It also aimed to determine if further convergence is needed on the frequency of submission of RSRs by insurers to their supervisory authorities.
EIOPA recommended a number of actions that NCAs should take to bring about greater convergence in their approaches and a more consistent implementation of the principle of proportionality. The 51 recommended actions apply to NCAs in 26 countries, and include 4 country-specific recommended actions. NCAs are expected to have implemented the recommended actions targeting supervisory shortcomings by 2022.
As a result of the findings, EIOPA says it will take action to further achieve supervisory convergence in this area. It says it will develop further guidance in relation to the minimum requirement for submission of the full RSR and its mandatory assessment by NCAs, as well as towards the communication of the frequency of the RSR.