Euro Area: Publication of Financial Sector Assessment Program Documentation-Technical Note on Insurance Micro and Macroprudential Supervision

Summary

Over the past five years, the institutional structure for insurance regulation and supervision in the euro area (EA) has evolved incrementally, and at the time of the FSAP important legislative processes were in development. Insurance supervision remains a national responsibility, but the European Insurance and Occupational Pensions Authority (EIOPA) is assuming a growing, central role. This includes EIOPA's responsibilities under the Digital Operational Resilience Act (DORA), which establishes an oversight framework for critical Information and Communications Technology (ICT), along with the Insurance Recovery and Resolution Directive (IRRD), which gives EIOPA new roles and responsibilities, including the establishment of a resolution committee and other more permanent tasks (such as participating in the resolution colleges). In addition, at the time of the FSAP, important legislative review processes were in course, such as the Solvency II Review and the Retail Investment Strategy (RIS) proposal.