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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 consultation paper, issued by EIOPA, outlines proposed 𝗜𝗺𝗽𝗹𝗲𝗺𝗲𝗻𝘁𝗶𝗻𝗴 𝗧𝗲𝗰𝗵𝗻𝗶𝗰𝗮𝗹 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀 (𝗜𝗧𝗦) concerning resolution reporting for insurance and reinsurance companies as mandated by 𝗗𝗶𝗿𝗲𝗰𝘁𝗶𝘃𝗲 (𝗘𝗨) 𝟮𝟬𝟮𝟱/𝟭. It details the 𝗽𝗿𝗼𝗰𝗲𝗱𝘂𝗿𝗲𝘀, 𝘀𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗳𝗼𝗿𝗺𝘀, 𝗮𝗻𝗱 𝘁𝗲𝗺𝗽𝗹𝗮𝘁𝗲𝘀 for insurers to provide information essential for drawing up and executing resolution plans. The document includes an 𝗶𝗺𝗽𝗮𝗰𝘁 𝗮𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 evaluating policy options for 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗳𝗿𝗲𝗾𝘂𝗲𝗻𝗰𝘆 and the 𝗹𝗲𝘃𝗲𝗹 𝗼𝗳 𝗱𝗲𝘁𝗮𝗶𝗹 𝗳𝗼𝗿 𝗹𝗶𝗮𝗯𝗶𝗹𝗶𝘁𝗶𝗲𝘀 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴, ultimately favoring less frequent and less granular reporting to reduce the burden on undertakings. Additionally, it addresses 𝗱𝗮𝘁𝗮 𝗾𝘂𝗮𝗹𝗶𝘁𝘆, 𝘀𝘂𝗯𝗺𝗶𝘀𝘀𝗶𝗼𝗻 𝗳𝗼𝗿𝗺𝗮𝘁𝘀, 𝗮𝗻𝗱 𝘁𝗵𝗲 𝗽𝗿𝗼𝘃𝗶𝘀𝗶𝗼𝗻 𝗼𝗳 𝗮𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝗶𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻, emphasizing cooperation between supervisory and resolution authorities and providing a 𝗽𝗿𝗶𝘃𝗮𝗰𝘆 𝘀𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁 regarding data collection.
𝗢𝗽𝗲𝗻𝗶𝗻𝗴 𝗱𝗮𝘁𝗲 22 July 2025
𝗗𝗲𝗮𝗱𝗹𝗶𝗻𝗲 31 October 2025, 23:59 (CET)

𝗘𝗜𝗢𝗣𝗔 has issued new guidance on supervising 𝗺𝗮𝘀𝘀-𝗹𝗮𝗽𝘀𝗲 𝗿𝗲𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 and 𝗿𝗲𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝘁𝗲𝗿𝗺𝗶𝗻𝗮𝘁𝗶𝗼𝗻 clauses. This guidance, provided in two annexes to its 2021 Opinion on risk-mitigation techniques, aims to standardize supervisory approaches across Europe.
The first annex focuses on 𝗺𝗮𝘀𝘀-𝗹𝗮𝗽𝘀𝗲 𝗿𝗲𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲, offering detailed guidance for supervisors on its prudential treatment. It emphasizes ensuring a common European approach, particularly in light of recent high lapse risks in various markets. The guidance helps supervisors evaluate how elements like the measurement period, exclusions, or termination clauses affect risk transfer effectiveness and the 𝗦𝗼𝗹𝘃𝗲𝗻𝗰𝘆 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁 (𝗦𝗖𝗥). A 12-month measurement period is generally expected, aligning with the SCR time horizon.
The second annex addresses 𝘁𝗲𝗿𝗺𝗶𝗻𝗮𝘁𝗶𝗼𝗻 𝗰𝗹𝗮𝘂𝘀𝗲𝘀 𝗶𝗻 𝗿𝗲𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 agreements that could undermine effective risk transfer. It highlights provisions that release the reinsurer from responsibility for legitimate losses during the treaty period and scrutinizes contracts where reinsurers can unconditionally retain transferred premiums and assets upon termination while being freed from obligations. These annexes promote supervisory convergence and fair competition within the market.

The 𝙀𝙪𝙧𝙤𝙥𝙚𝙖𝙣 𝘾𝙤𝙢𝙢𝙞𝙨𝙨𝙞𝙤𝙣 has published a 𝗱𝗿𝗮𝗳𝘁 Delegated Regulation amending Regulation (EU) 2015/35 under the 𝗦𝗼𝗹𝘃𝗲𝗻𝗰𝘆 𝗜𝗜 framework. This follows Directive (EU) 2025/2, effective from January 28, 2025, and applicable from January 30, 2027. The proposal seeks to align prudential insurance rules with updated legislation, improve proportionality for smaller insurers, and strengthen supervisory cooperation and macroprudential oversight. It addresses identified issues such as volatility, investment disincentives, and reporting burdens. The changes aim to enhance insurers’ capacity to support the EU economy through increased capital allocation to long-term and sustainable investments, including securitisation and venture capital.
𝗙𝗲𝗲𝗱𝗯𝗮𝗰𝗸 𝗽𝗲𝗿𝗶𝗼𝗱:
17 July 2025 - 05 September 2025

The insurance sector faces pressure from rising catastrophic risks, leading to higher premiums and policy non-renewals. This paper proposes an arbitrage-free method for pricing catastrophe reinsurance using the compound dynamic contagion process and Esscher transform. The findings help insurers assess liabilities amid emerging risks like climate change, cyberattacks, and pandemics.

This paper explores continuous-time mean-variance reinsurance with heterogeneous beliefs, a novel approach. It finds complex optimal contracts, beyond standard types, and proves their uniqueness. Specific forms emerge under different belief assumptions. Critically, it shows this model better reflects real-world insurer decisions than models ignoring belief differences.