EIOPA publishes follow-up report on outsourcing under Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) has published the follow-up report to its 2022 peer review on outsourcing under Directive 2009/138/EC (Solvency II), assessing the extent to which national competent authorities (NCAs) across the European Economic Area (EEA) have implemented the 77 recommended actions. The report confirms substantial progress, with 51 actions assessed as fulfilled, 22 as partially fulfilled and four as not fulfilled. It highlights improvements in regulatory tools, guidance and internal procedures, including structured notification processes and enhanced documentation requirements. Areas identified for further attention include off-site supervision, full operationalisation of supervisory tools and consistent embedding of internal procedures. EIOPA recommends that NCAs continue to build on existing structures and systems and will monitor implementation efforts, with the possibility of issuing targeted guidance or facilitating best practice exchange.