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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.

These responses from Insurance Europe to various consultations by EIOPA concerning the Insurance Recovery and Resolution Directive (IRRD) outline the insurance industry's feedback on guidelines for identifying critical functions, removing impediments to resolvability, criteria for pre-emptive recovery planning and market share determination, and the content of both recovery and resolution plans, as well as resolvability assessments. A recurring theme across these responses is the industry's call for proportionality, flexibility, and reduced administrative burden, emphasizing that the IRRD's application should consider the unique characteristics of the insurance sector, distinguishing it from banking. The responses also frequently highlight concerns about duplication with existing DORA and Solvency II requirements and the lack of quantitative cost assessments for proposed regulations.

There is an increasing AI use in insurance—50% in non-life, 24% in life. To address emerging risks, undertakings must clarify supervisory responsibilities, maintain full accountability, and implement proportionate governance. Risk managers should conduct impact-based assessments, emphasizing data sensitivity, consumer impact, and financial exposure. Strong governance includes fairness, data quality, transparency, cybersecurity, and human oversight. Oversight extends to third-party providers, with contractual safeguards required. AI systems must align with existing frameworks like ERM and POG, ensuring traceability, explainability, and resilience throughout their lifecycle. Supervisory convergence across the sector remains a key regulatory goal.

𝗘𝗜𝗢𝗣𝗔 released its July 2025 𝙄𝙣𝙨𝙪𝙧𝙖𝙣𝙘𝙚 𝙍𝙞𝙨𝙠 𝘿𝙖𝙨𝙝𝙗𝙤𝙖𝙧𝙙, offering an assessment of the European insurance sector's financial health as of Q1 2025 Solvency II data and Q2 2025 market data. Overall, the report indicates a stable risk landscape at a medium level for the European insurance sector, demonstrating notable resilience. However, it also highlights a negative outlook in certain areas over the next year, influenced by complex global dynamics such as geopolitical tensions and market volatility. Specifically, market risks due to fixed income volatility and cyber and digitalization risks are identified as growing concerns, necessitating continued vigilance despite general stability.

This comprehensive report from 𝗘𝗜𝗢𝗣𝗔 provides a 𝗳𝗼𝗹𝗹𝗼𝘄-𝘂𝗽 𝘁𝗼 𝗮 𝗽𝗲𝗲𝗿 𝗿𝗲𝘃𝗶𝗲𝘄 𝗼𝗻 𝗼𝘂𝘁𝘀𝗼𝘂𝗿𝗰𝗶𝗻𝗴, assessing the progress made by 𝗡𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗦𝘂𝗽𝗲𝗿𝘃𝗶𝘀𝗼𝗿𝘆 𝗔𝘂𝘁𝗵𝗼𝗿𝗶𝘁𝗶𝗲𝘀 (𝗡𝗦𝗔𝘀) in strengthening their oversight of 𝗼𝘂𝘁𝘀𝗼𝘂𝗿𝗰𝗶𝗻𝗴 𝘄𝗶𝘁𝗵𝗶𝗻 𝘁𝗵𝗲 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝘀𝗲𝗰𝘁𝗼𝗿. It details the 𝗺𝗲𝘁𝗵𝗼𝗱𝗼𝗹𝗼𝗴𝘆 used, the 𝘀𝗰𝗼𝗽𝗲 of the review, and the 𝗲𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻 𝗰𝗿𝗶𝘁𝗲𝗿𝗶𝗮 applied to recommended actions. The document highlights 𝘀𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝘁 𝗮𝗱𝘃𝗮𝗻𝗰𝗲𝗺𝗲𝗻𝘁𝘀 by NSAs in areas such as 𝗼𝘂𝘁𝘀𝗼𝘂𝗿𝗰𝗶𝗻𝗴 𝗳𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸𝘀, 𝗻𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗽𝗿𝗼𝗰𝗲𝘀𝘀𝗲𝘀, 𝗮𝗻𝗱 𝗱𝗼𝗰𝘂𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁, with many recommended actions being 𝗳𝘂𝗹𝗳𝗶𝗹𝗹𝗲𝗱 𝗼𝗿 𝗽𝗮𝗿𝘁𝗶𝗮𝗹𝗹𝘆 𝗳𝘂𝗹𝗳𝗶𝗹𝗹𝗲𝗱. However, it also identifies 𝗿𝗲𝗺𝗮𝗶𝗻𝗶𝗻𝗴 𝗴𝗮𝗽𝘀, particularly in 𝗼𝗳𝗳-𝘀𝗶𝘁𝗲 𝘀𝘂𝗽𝗲𝗿𝘃𝗶𝘀𝗶𝗼𝗻 and the 𝗳𝘂𝗹𝗹 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝗮𝗹𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝘀𝘂𝗽𝗲𝗿𝘃𝗶𝘀𝗼𝗿𝘆 𝘁𝗼𝗼𝗹𝘀, emphasizing the need for 𝗰𝗼𝗻𝘁𝗶𝗻𝘂𝗲𝗱 𝗲𝘃𝗼𝗹𝘂𝘁𝗶𝗼𝗻 𝗼𝗳 𝘀𝘂𝗽𝗲𝗿𝘃𝗶𝘀𝗼𝗿𝘆 𝗽𝗿𝗮𝗰𝘁𝗶𝗰𝗲𝘀 to ensure effective and continuous oversight of outsourcing arrangements.

This 𝗘𝗕𝗔 report, created in consultation with 𝗘𝗦𝗠𝗔 and 𝗘𝗜𝗢𝗣𝗔, addresses the 𝗽𝗿𝗼𝘃𝗶𝘀𝗶𝗼𝗻 𝗼𝗳 𝗰𝗼𝗿𝗲 𝗯𝗮𝗻𝗸𝗶𝗻𝗴 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀 to 𝗘𝗨 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝘀𝗲𝗰𝘁𝗼𝗿 𝗲𝗻𝘁𝗶𝘁𝗶𝗲𝘀 (𝗙𝗦𝗘𝘀) by 𝘁𝗵𝗶𝗿𝗱-𝗰𝗼𝘂𝗻𝘁𝗿𝘆 𝘂𝗻𝗱𝗲𝗿𝘁𝗮𝗸𝗶𝗻𝗴𝘀 (𝗧𝗖𝗨𝘀). Specifically, it examines whether existing exemptions from establishing an EU branch for these services, currently extended to EU credit institutions, should be broadened to include all EU FSEs. The report analyzes 𝗾𝘂𝗮𝗻𝘁𝗶𝘁𝗮𝘁𝗶𝘃𝗲 𝘀𝘂𝗽𝗲𝗿𝘃𝗶𝘀𝗼𝗿𝘆 𝗱𝗮𝘁𝗮 on 𝗰𝗮𝘀𝗵 𝗲𝘅𝗽𝗼𝘀𝘂𝗿𝗲𝘀 𝗮𝗻𝗱 𝗹𝗲𝗻𝗱𝗶𝗻𝗴 𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝗶𝗲𝘀 and incorporates 𝗾𝘂𝗮𝗹𝗶𝘁𝗮𝘁𝗶𝘃𝗲 𝗳𝗲𝗲𝗱𝗯𝗮𝗰𝗸 𝗳𝗿𝗼𝗺 𝘀𝘁𝗮𝗸𝗲𝗵𝗼𝗹𝗱𝗲𝗿𝘀, concluding that there is 𝗻𝗼 𝗰𝗼𝗺𝗽𝗲𝗹𝗹𝗶𝗻𝗴 𝗰𝗮𝘀𝗲 𝘁𝗼 𝗲𝘅𝗽𝗮𝗻𝗱 𝘁𝗵𝗲𝘀𝗲 𝗲𝘅𝗲𝗺𝗽𝘁𝗶𝗼𝗻𝘀. It also highlights challenges in 𝗱𝗮𝘁𝗮 𝗮𝘃𝗮𝗶𝗹𝗮𝗯𝗶𝗹𝗶𝘁𝘆 and inconsistencies in the definition of core banking services, suggesting that existing flexibilities and 𝗠𝗶𝗙𝗜𝗗 carve-outs largely accommodate current business needs.

The 𝗘𝗜𝗢𝗣𝗔 has evaluated 𝗵𝗼𝘄 𝗘𝘂𝗿𝗼𝗽𝗲𝗮𝗻 𝗶𝗻𝘀𝘂𝗿𝗲𝗿𝘀 𝗮𝗿𝗲 𝗶𝗻𝗰𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗶𝗻𝗴 𝗰𝗹𝗶𝗺𝗮𝘁𝗲 𝗰𝗵𝗮𝗻𝗴𝗲 𝗿𝗶𝘀𝗸𝘀 𝗶𝗻𝘁𝗼 𝘁𝗵𝗲𝗶𝗿 𝗿𝗶𝘀𝗸 𝗮𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁𝘀, specifically within their 𝗢𝗥𝗦𝗔. The findings indicate that most insurers are now including both 𝗽𝗵𝘆𝘀𝗶𝗰𝗮𝗹 𝗮𝗻𝗱 𝘁𝗿𝗮𝗻𝘀𝗶𝘁𝗶𝗼𝗻 𝗿𝗶𝘀𝗸𝘀 in their ORSA, utilizing 𝘀𝗰𝗲𝗻𝗮𝗿𝗶𝗼 𝗮𝗻𝗮𝗹𝘆𝘀𝗶𝘀 more frequently to understand potential financial impacts. While progress has been made, challenges remain, such as 𝗶𝗻𝗰𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝘁 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵𝗲𝘀 𝗮𝗰𝗿𝗼𝘀𝘀 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁 𝗿𝗲𝗴𝗶𝗼𝗻𝘀 and a 𝘀𝗵𝗼𝗿𝘁𝗮𝗴𝗲 𝗼𝗳 𝗵𝗶𝗴𝗵-𝗾𝘂𝗮𝗹𝗶𝘁𝘆 𝗱𝗮𝘁𝗮. EIOPA aims to continue fostering 𝘀𝘂𝗽𝗲𝗿𝘃𝗶𝘀𝗼𝗿𝘆 𝗰𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝗰𝘆 and building capacity in this area.