The European Insurance and Occupational Pensions Authority (EIOPA) published on Wednesday 1 February its prudential supervision convergence plan for 2023.
EIOPA has identified three main priorities for enhancing supervisory convergence during 2023: - the implementation of the common supervisory culture and the development of supervisory convergence tools; - the risks to the internal market and the level playing field; - the supervision of emerging risks.
In particular, the European authority will continue to work on the risk assessment framework and the application of proportionality, as well as on the development of digital tools for supervisors.
It wishes to encourage benchmark studies on internal models and to address the lack of convergence in the way national competent authorities treat reinsurance undertakings with head offices in third countries.
EIOPA will implement the new digital operational resilience regulation (DORA), for which supervisory convergence will be essential (see EUROPE 13061/6). It will also continue to analyse online underwriting practices, in particular access to cover for small and medium-sized enterprises.
Finally, the authority will develop supervisory convergence tools to support national competent authorities in carrying out the digital business model analysis.
See the convergence plan: https://aeur.eu/f/56w (Original version in French by Anne Damiani)