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European Insurance and Occupational Pensions Authority (EIOPA) definition

What does European Insurance and Occupational Pensions Authority (EIOPA) mean?

The european insurance and occupational pensions authority (EIOPA) is an independent EU authority with core responsibilities of supporting the stability of the financial system (particularly the insurance sector), the protection of policyholders, pension scheme members and beneficiaries and the transparency of markets and financial products.

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EU EMIR—timeline

EU EMIR—timeline This timeline shows key developments relating to Regulation (EU) 648/2012 (EU EMIR) from January 2024 onwards. For earlier developments, see European Market Infrastructure Regulation (EMIR)—timeline [Archived]. 2025 Date Source Document Description 4 July 2025 EBA Final Report on EMIR 3 Active Account Requirement The European Securities and Markets Authority (ESMA) has published its Final Report on the Active Account Requirement under the European Market Infrastructure Regulation (EU) 2024/2987 (EMIR 3). Developed in cooperation with the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Systemic Risk Board, the report aims to mitigate financial stability risks arising from EU counterparties’ reliance on third-country central counterparties (Tier 2 CCPs). It requires certain financial and non-financial counterparties to maintain operational and representative active accounts with EU-based CCPs. The draft regulatory technical standards will be submitted to the European Commission for adoption, pending non-objection from the European Parliament and Council. 30 June 2025 EBA EBA provides its technical advice to the European Commission on fees to validate...

Payment Accounts Directive and Payment Accounts Regulations 2015–timeline [Archived]

Payment Accounts Directive and Payment Accounts Regulations 2015–timeline [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. The Payment Accounts Directive (Directive 2014/92/EU) (PAD) is intended to enhance transparency and comparability for consumers in respect of payment accounts. In particular, the PAD: • makes it easier for consumers to compare fees charged by banks and other service providers across the EU • facilitates consumer switching of payment accounts, and • entitles all EU consumers to open a payment account that enables them to perform essential functions such as receiving their salary and paying bills The PAD has its origins in the European Commission's consultation on retail bank accounts, opened in March 2012, which assessed the need for action in the areas of transparency and comparability of fees, account switching and access to basic payment accounts. This followed a retail banking sector inquiry in 2007 which had identified these factors as obstacles to consumer choice and mobility. Member States' subsequent attempts to tackle the problems at a national level...

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EU Solvency II—third-country equivalence

EU Solvency II—third-country equivalence This Practice Note explains how the EU and the wider EEA decide whether to recognise the equivalence of third country insurance regulation regimes. Introduction The regulation of insurance imposes burdens on firms and groups (insurance groups). The burden may be duplicated when an insurance business carries out business in a range of different countries. A recognition of equivalence by one state, A, of another state, B, may to a greater or lesser extent reduce that burden. The EU equivalence regime The only insurance equivalence regimes applying in the EU arise in relation to the prudential regulation of insurance. Even within the prudential sphere they are limited in scope. There are no EU insurance equivalence regimes applying in relation to rules on conduct of business (ie relationships with customers) or the activities of brokers or other insurance distributors. To understand the equivalence regime it is best to consider the prudential background and what the equivalence regime is not before explaining what it...

The EU regime relating to unit-linked insurance policies—essentials

The EU regime relating to unit-linked insurance policies—essentials The benefits payable under long term or life assurance policies may be linked to the value of specific assets. These assets are usually, but not invariably, investment funds or unit trusts. The insurance policy may be expressed as linked to the value of or return on a specific number of units in the fund in question. Or the policy may be linked to a share index. Such policies are usually referred to as ‘unit-linked’ or ‘linked long term contracts’ (‘unités de compte’ in French and ‘fondsgebundene’ in German). The expression ‘unit-linked’ is in a sense a subset of ‘linked long term’ since an assurance contract may link directly to the value of a non-unitised asset, although that is rare. They give rise to a number of legal and regulatory issues that are summarised in this Practice Note. EU regulatory status Linked long-term contracts are classified as Class III under Annex II to Directive 2009/138/EC (the Solvency II Directive). Types of unit-linked insurance policies Unit-linked...

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What is a new product and what classes as a significant change to an existing product in relation to the new Insurance Distribution Directive?

What is a new product and what classes as a significant change to an existing product in relation to the new Insurance Distribution Directive? Article 25(1) of the Insurance Distribution Directive (Directive (EU) 2016/97) (IDD) requires insurance undertakings, as well as intermediaries which manufacture any insurance product for sale to customers, to maintain, operate and review a process for the approval of each insurance product, or significant adaptations of an existing insurance product, before it is marketed or distributed to customers. In the Financial Conduct Authority (FCA) Handbook, this is reflected in PROD 4.2.1 R. Similar language is used in Article 4(1) of Commission Delegated Regulation (EU) 2017/2358, which requires manufacturers to maintain, operate and review a product approval process for newly developed insurance products and for significant adaptations of existing insurance products. Article 6(1) of Commission Delegated Regulation (EU) 2017/2358 requires manufacturers to test their insurance products appropriately, including scenario analyses where relevant, before bringing that product to the market or significantly adapting it, or in case...

Brexit—what are the passporting and equivalence implications for the UK insurance sector?

Brexit—what are the passporting and equivalence implications for the UK insurance sector? BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime. This Q&A considers the impact of Brexit on passporting in the insurance sector, what options are available to insurers to continue to access the European Economic Areas (EEA) and the factors for insurers to take into account in their contingency planning. This Q&A is produced in partnership with Clare Swirski at Clifford Chance. What are the main aspects of passporting under Solvency II? The activity of providing insurance on a cross-border basis within the EEA is described as 'passporting' and, under Solvency II,...

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EU Law weekly highlights—10 July 2025

This week's edition of EU Law weekly highlights includes analysis on Advocate General Maciej Szpunar’s opinion on France's shipping fee for book orders under the EU Services Directive and the EU Intellectual Property Office said it is now using AI to help to assess the trademark applications it receives through its simplified e-filing tool. In addition this week, the Council of the EU reached an agreement on its position for the 2026 EU draft budget, the European Parliament approved a Commission proposal to update money-laundering and terrorist financing high-risk third countries, the Parliament approved the gradual introduction of electronic border controls, the Commission adopted a Delegated Act to simplify EU Taxonomy reporting rules, presented the sixth omnibus package on chemicals and industry action plan, proposed amending the EU Climate Law to set a 2040 target of 90% net greenhouse gas emissions reduction compared to 1990 levels, and launched the Hydrogen Mechanism, the first operational component of the EU Energy and Raw Materials Platform.

EIOPA launches consultation to streamline solvency II reporting

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a consultation package aimed at amending supervisory reporting and public disclosure requirements under Solvency II. The proposals, which include revised Implementing Technical Standards and draft guidelines on reporting for financial stability and the supervision of third country branches, seek to reduce the reporting burden on (re)insurance undertakings by at least 25% (35% for SMEs). Building on initiatives from 2023 and informed by stakeholder feedback, the revisions propose fewer and simplified reporting templates, the application of proportionality principles, and the elimination of redundant data requirements. EIOPA is confident that these measures will enhance regulatory efficiency without compromising policyholder protection or financial stability and invites feedback via the EU Survey until 10 October 2025.

Read the latest 62 News articles on European Insurance and Occupational Pensions Authority (EIOPA)

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GLOSSARY

European Insurance and Occupational Pensions Authority (EIOPA) definition

What does European Insurance and Occupational Pensions Authority (EIOPA) mean?

View the related checklists about European Insurance and Occupational Pensions Authority (EIOPA)

EU EMIR—timeline

Payment Accounts Directive and Payment Accounts Regulations 2015–timeline [Archived]

View the related practice notes about European Insurance and Occupational Pensions Authority (EIOPA)

EU Solvency II—third-country equivalence

The EU regime relating to unit-linked insurance policies—essentials

View the related q&as about European Insurance and Occupational Pensions Authority (EIOPA)

What is a new product and what classes as a significant change to an existing product in relation to the new Insurance Distribution Directive?

Brexit—what are the passporting and equivalence implications for the UK insurance sector?

View the related News about European Insurance and Occupational Pensions Authority (EIOPA)

EU Law weekly highlights—10 July 2025

EIOPA launches consultation to streamline solvency II reporting

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GLOSSARY

European Insurance and Occupational Pensions Authority (EIOPA) definition

What does European Insurance and Occupational Pensions Authority (EIOPA) mean?

View the related checklists about European Insurance and Occupational Pensions Authority (EIOPA)

EU EMIR—timeline

Payment Accounts Directive and Payment Accounts Regulations 2015–timeline [Archived]

View the related practice notes about European Insurance and Occupational Pensions Authority (EIOPA)

EU Solvency II—third-country equivalence

The EU regime relating to unit-linked insurance policies—essentials

View the related q&as about European Insurance and Occupational Pensions Authority (EIOPA)

What is a new product and what classes as a significant change to an existing product in relation to the new Insurance Distribution Directive?

Brexit—what are the passporting and equivalence implications for the UK insurance sector?

View the related News about European Insurance and Occupational Pensions Authority (EIOPA)

EU Law weekly highlights—10 July 2025

EIOPA launches consultation to streamline solvency II reporting

Call us on

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HELP & SUPPORT

LEGAL SOLUTIONS

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