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These EIOPA guidelines establish a framework for identifying critical insurance functions and removing resolvability impediments to protect policyholders and maintain financial stability. The sources evaluate whether to assume a "complete stop" or a more flexible "partial stop" of services when assessing a firm's failure, ultimately preferring the latter to better reflect economic reality. Authorities are empowered to address structural issues, such as complex group organizations or insufficient loss-absorption mechanisms, that might hinder orderly resolution. Furthermore, regulators may restrict new business lines or products, particularly those under third-country laws, if they complicate the enforcement of resolution powers. National authorities must integrate these standards into their regulatory frameworks to ensure a harmonized level playing field across the European Union. Implementation of these rules aims to safeguard public funds by reducing the necessity for extraordinary financial support during an insurance crisis.

This document presents an official opinion from EIOPA regarding the European Commission’s efforts to simplify and streamline the European Sustainability Reporting Standards (ESRS). While the authority generally supports reducing the regulatory burden for companies, it expresses specific concerns that excessive reporting reliefs could decrease the quality and comparability of essential data. EIOPA emphasizes that maintaining high-quality disclosures is vital for insurance and pension sectors to accurately assess sustainability risks and fulfill their roles as institutional investors. The text highlights the importance of interoperability with international standards, such as IFRS, and ensures that new reporting rules remain consistent with existing EU legislation like Solvency II and the SFDR. Ultimately, the source advocates for a balanced approach where simplification does not compromise the transparency or stability of the financial system.

This consultation paper investigates how natural catastrophe insurance within the Solvency II framework can better account for climate change adaptation measures. The document distinguishes between macro-level protections, such as public flood defenses, and micro-level interventions implemented by individual property owners to reduce vulnerability. By analyzing perils like floods, earthquakes, and windstorms, the report evaluates whether the standard formula for capital requirements should be adjusted to reward these risk-reduction efforts. The text explores several regulatory options, including the use of undertaking-specific parameters and internal models, to ensure that insurers have the financial incentive to promote resilience. Ultimately, the paper seeks to bridge the protection gap by aligning prudential capital charges with the actual physical improvements made to insured assets.

EIOPA’s article reports results from a survey of 347 insurance undertakings in 25 European countries on generative AI adoption. It describes that many insurers are increasingly using generative AI, with nearly two-thirds actively deploying tools, mainly for internal productivity tasks, while customer-facing applications remain at proof-of-concept stage. Respondents cited efficiency, cost reduction, customer experience and decision support as drivers. The summary notes challenges including data privacy, security, regulatory compliance and skill gaps, and highlights risks such as inaccurate outputs and third-party reliance. It also describes growing development of dedicated AI governance and risk policies.

𝗘𝗜𝗢𝗣𝗔'𝘀 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗥𝗲𝘀𝗽𝗼𝗻𝘀𝗲 𝘁𝗼 𝗦𝘆𝘀𝘁𝗲𝗺𝗶𝗰 𝗖𝘆𝗯𝗲𝗿 𝗧𝗵𝗿𝗲𝗮𝘁𝘀
The strategy employs four interlocking pillars to build a multi-layered defense. It is anchored in enhancing foundational digital operational resilience across the financial market through collaboration with other European Supervisory Authorities and crucial oversight of critical third-party service providers. This internal strengthening is complemented by a public-facing initiative to close the significant cyber protection gap, promoting informed decision-making to encourage mitigation and adaptation actions among businesses and citizens. To sustain these efforts amid rapid digitalization, EIOPA mandates the continuous adaptation of supervisory frameworks, leveraging SupTech and enhanced data sharing to detect vulnerabilities and structural shifts more efficiently. These pillars are unified through fostering collaborative risk management, working with other relevant EU and international authorities to enable a coordinated response.

EIOPA’s December 2025 Financial Stability Report outlines several risks facing European insurers and pension funds, including growing exposures to private credit, vulnerabilities from a weakening U.S. dollar, and the impact of global market interconnectedness. It describes private credit’s expansion, associated liquidity, valuation and concentration risks, and insurers’ sizable U.S. dollar-denominated holdings with complex hedging needs. The report also notes interconnected international exposures that could elevate market and currency risks, alongside other topics like cyber threats and AI-related systemic vulnerabilities, while acknowledging resilient capital and funding ratios amid economic uncertainty.

Ces normes établissent les critères que les autorités de surveillance appliqueront pour identifier les (ré)assureurs tenus d'intégrer des analyses macroprudentielles dans leur évaluation interne des risques et de la solvabilité (ORSA) et dans l'application du principe de la personne prudente (PPP). Cette initiative s'inscrit dans le cadre de la révision de la directive Solvabilité II, visant à renforcer la stabilité financière du secteur.

L'approche de sélection retenue est hybride, combinant un critère quantitatif et des critères qualitatifs pour un ciblage précis. Le critère principal est un seuil de 20 milliards d'euros de total d'actifs, relevé en réponse aux retours des parties prenantes pour mieux garantir la proportionnalité. Il est complété par des critères qualitatifs (tels que l'interconnexion, le type d'activité, la substituabilité et le risque de liquidité). Ces derniers offrent aux superviseurs une flexibilité fondée sur le risque, leur permettant d'ajouter ou de retirer des entités afin de capturer les risques non liés à la seule taille de bilan et d'assurer une application judicieuse.
Le rapport final, incluant l'analyse d'impact et les retours de la consultation, a été soumis à la Commission européenne pour adoption formelle.

EIOPA has published its final report on the draft 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗧𝗲𝗰𝗵𝗻𝗶𝗰𝗮𝗹 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀 (𝗥𝗧𝗦) that will shape how insurers integrate macroprudential risk into both the 𝗢𝗥𝗦𝗔 and the 𝗣𝗿𝘂𝗱𝗲𝗻𝘁 𝗣𝗲𝗿𝘀𝗼𝗻 𝗣𝗿𝗶𝗻𝗰𝗶𝗽𝗹𝗲 (𝗣𝗣𝗣). These RTS are a key outcome of the Solvency II review and aim to ensure consistent, proportionate application of the new macroprudential requirements across the EU.

At the heart of the RTS is a hybrid identification approach for determining which undertakings must perform enhanced macroprudential analyses:

🔹 𝗤𝘂𝗮𝗻𝘁𝗶𝘁𝗮𝘁𝗶𝘃𝗲 𝗧𝗵𝗿𝗲𝘀𝗵𝗼𝗹𝗱

Insurers and groups with total assets above EUR 20 billion are presumptively in scope. This threshold—raised from the initially proposed EUR 12 billion after consultation—accounts for inflation and seeks to balance financial stability monitoring with regulatory burden.

🔹 𝗤𝘂𝗮𝗹𝗶𝘁𝗮𝘁𝗶𝘃𝗲, 𝗥𝗶𝘀𝗸-𝗕𝗮𝘀𝗲𝗱 𝗖𝗿𝗶𝘁𝗲𝗿𝗶𝗮

Supervisors can add entities below the threshold or exclude those above it based on:

• Interconnectedness with the financial system

• Systemically relevant activities (e.g., derivatives use, common exposures, guarantees, VA products)

• Substitutability concerns

• Liquidity risk

• Duration mismatch, leverage, or reliance on illiquid/opaque assets (for PPP analyses)

This flexibility should ensure proportionality while maintaining a consistent baseline for supervisory convergence.

The RTS respond to new legislative mandates introduced by the 𝗦𝗼𝗹𝘃𝗲𝗻𝗰𝘆 𝗜𝗜 review (Directive (EU) 2025/24), which require insurers to consider both outside-in and inside-out risks—reflecting EIOPA’s view that systemic risk in insurance can emerge through direct failure of key players or through behaviors that amplify shocks across the market.

Public consultation (Oct 2024–Jan 2025) generated valuable feedback, particularly around the asset threshold and the challenge of assessing “inside-out” systemic risks. EIOPA’s final approach is intended to reflect these insights while staying true to its mandate: strengthening the macroprudential framework without imposing unnecessary burdens.

The desired result is a balanced, forward-looking framework that enhances supervisory dialogue, supports financial stability, and reinforces the link between micro- and macroprudential perspectives.

The final RTS have now been submitted to the European Commission for adoption.

European insurers continue to advance digitalization, but cyber risk remains a material strategic threat. According to EIOPA Q3 2025 and National Competent Authorities:
Overall risk: Medium
Outlook: Increasing
Supervisory concern: Elevated

EIOPA released a paper on September 8, 2025, providing technical input to support the development of supplementary pensions within the EU’s Savings and Investment Union framework. The paper outlines EIOPA’s views on enhancing pension systems, emphasizing consumer protection, financial stability, and sustainable finance. It proposes measures to improve access to pensions, strengthen governance, and align with EU regulatory frameworks like Solvency II and IORP II. The input aims to inform EU policy by addressing challenges in pension provision and promoting long-term savings.