EIOPA launches consultation on revised supervisory review guidelines under Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on draft revised Guidelines on the Supervisory Review Process. The primary objective of the revision is to clarify existing instructions in light of the Solvency II review and to bring emerging risks within scope. The proposed amendments aim to align the Guidelines with recent regulatory developments and supervisory best practices, while introducing new processes to address risks and trends that have emerged since the Guidelines were first adopted. The draft includes new sections on business model analysis, joint on-site inspections, early intervention measures, pre-emptive recovery planning, and supervision of conduct of business. EIOPA has also introduced guidance to ensure that supervisors incorporate sustainability risks, IT and cyber risks, and Supervisory Technology (SupTech) into their review processes. EIOPA says the amendments are targeted and limited, reflecting its commitment to regulatory simplification and burden reduction. Responses are sought by 24 September 2025.