Details
- Publication date
- 1 July 2024
Description
The factsheet highlights the overall developments and the evolution of the number of Colleges of Supervisors (Colleges), the major topics discussed in the Colleges during last year and provides information on the focus for 2024.
In 2023 the activity in Colleges focused around three topics:
- developments of the macro-economic environment including the second order effects such as the development in the real estate market and increased use of reinsurance
- sustainability and climate change and the impact it has on groups
- cooperation between supervisors from different sectors in the area of financial conglomerates.
The factsheet includes an overview of the supervisory practices and interactions in Colleges in which EIOPA participated in 2023 and gives examples of good practices observed.
Background
EIOPA’s main role in Colleges for cross-border (re)insurance groups across the European Union is to promote and contribute to effective and efficient supervisory activities to evaluate risks to which groups are or might be exposed, oversee the tasks carried out by the national competent authorities and monitor and promote convergence of supervisory practices related to group supervision. The main objectives of Colleges as well as the roles and responsibilities of College members and participants are described in Solvency II Directive and EIOPA Regulation (Article 21 of EIOPA Regulation and article 248 of Solvency II Directive).
In the cases where a college is not established and insurance and reinsurance undertakings operate in the single market through freedom to provide services or the freedom of establishment, collaboration platform may be established to strengthen the exchange of information and to enhance collaboration between the relevant supervisory authorities (Article 152b of Solvency II Directive).