12 October 2023news

EIOPA launches captive consultation

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on its Opinion regarding the supervision of captive re/insurance undertakings, with a particular view on intra-group transactions, the prudent person principle and governance.

This draft Opinion is addressed to competent authorities and outlines the supervisory expectations while taking into account the specificities of a captive re/insurer’s business model.

The Opinion aims at facilitating a risk-based and proportionate supervision of captive re/insurance undertakings and further support the convergence of supervisory expectations in the context of creating a level playing field within the EU. The Opinion sets out supervisory expectations in several areas, including intra-group transactions (especially cash pooling), the consistent application of the prudent person principle as well as governance-related aspects in connection with key functions and outsourcing requirements.

The Opinion seeks to ensure a high-quality and convergent supervision of captive (re)insurance undertakings and is part of EIOPA’s priorities as defined in the 2022 and 2023 Supervisory Convergence Plans.

Stakeholders are invited to provide their feedback by responding to the questions via the online survey by 05 January 2024.

Contact EIOPA for more information on how to participate.


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More on this story

Analysis
4 April 2013   The European Insurance and Occupational Pensions Authority (EIOPA) has launched a public consultation on guidelines related to preparations for Solvency II.
Analysis
21 March 2013   EIOPA has signed an operational Memorandum of Understanding with the World Bank agreeing to collaborate on the development of the global insurance sector.