Details
- Publication date
- 14 October 2021
Description
The Supervisory Handbook recommends good practices to EIOPA’s members and observers for the supervision of insurance and reinsurance undertakings and groups carrying on life and non-life business, towards fulfilling its goal of building a common Union supervisory culture and consistent supervisory practices.
Developed over the years by the European supervisory community, EIOPA’s Supervisory Handbook, and related table of contents, aims to support supervisors in their day-to-day work. It includes confidential sensitive guidance, recommendations, best practices, case studies, supervisory questionnaires and examples on how to carry out the supervisory review process, while promoting a level playing field and the equal treatment of all supervised entities.
EIOPA’s Supervisory Handbook is one important tool used under Article 29 to promote supervisory convergence but is not the only one. EIOPA has made an adequate use of tools available under Article 29 and has issued Guidelines, Opinions and Supervisory Statements in different areas where supervisory convergence was at stake and the content was not sensitive. All these tools complement each other and build the supervisory convergence framework.
Background
As the role of the National Competent Authorities (NCAs) is to provide sound, effective and efficient supervision to ensure compliance with the applicable regulatory framework, EIOPA developed the Supervisory Handbook to assist the NCAs, in accordance with Article 29(2) of Regulation (EU) No 1094/2010 (EIOPA Regulation).
Attributed to EIOPA with effect from 1 January 2020, EIOPA started working on its Supervisory Handbook since 2013.
The statutory objective of financial supervision is the protection of policyholders/members and beneficiaries as declared in Article 27 of Directive 2009/138/EC (Solvency II) and in Article 45(1) of Directive (EU) 2016/2341 (IORPs).
There is one supervisory handbook focusing on prudential supervision under Solvency II, conduct of business supervision and supervision of IORPs.