European Insurance and Occupational Pensions Authority (EIOPA)
European supervisory authority for insurance and occupational pensions, harmonizing practices across the Union.
The European Insurance and Occupational Pensions Authority is one of the three European financial supervisory authorities, responsible for the insurance and occupational pensions sector in the European Union. Created in 2011 following the financial crisis, it does not directly supervise insurers, a mission that remains national, but it develops technical standards, guidelines and standards that harmonize the application of the Solvency II regime across member states. It runs Europe-wide stress test exercises, notably on climate risks, publishes market analyses and contributes to the convergence of supervisory practices. It plays a key role in revisions of the prudential framework and in accounting for emerging risks, sustainability, digital, cyber. For a European insurer, EIOPA's work largely determines the evolution of its regulatory environment, upstream of its national supervisor's decisions, making this authority a central actor in the regulation of the single insurance market.
EIOPA's opinion of April 19, 2021 on the use of climate change risk scenarios in the ORSA sets expectations that national supervisors then apply to insurers; EIOPA announced it would monitor their application starting two years after publication.
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