Following the European Securities and Markets Authority (see EUROPE 12445/17 and 12447/14), it is now the turn of the European Insurance and Occupational Pensions Authority (EIOPA) to take action to help insurance companies cope with the coronavirus pandemic.
In a press release issued on Tuesday 17 March, it announced that it will limit its requests for information and consultation with the industry to essential elements needed to assess and monitor the impact of the current situation in the market. In the next few days, it will communicate details on postponing additional reporting and information requirements.
EIOPA warns that “insurers are likely to face progressively difficult conditions in the immediate future, both in terms of navigating challenging market conditions and in maintaining operations, while taking steps to protect employees and customers”, and calls on insurers to be ready to implement the necessary measures to ensure business continuity.
In order to further relieve the burden on insurance companies, EIOPA also calls on national authorities to be flexible regarding the timing of supervisory reporting and public disclosure for the end of 2019.
Lastly, the authority has decided to extend the deadline for the Holistic Impact Assessment for the 2020 Solvency II Review by 2 months, to 1 June 2020. (Original version in French by Marion Fontana)