EU publications

Report on supervisory activities in 2018

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EIOPA actively promotes a common supervisory culture and consistent supervisory practices across the European Union (EU) Member States and the European Economic Area (EEA) in order to ensure a high, effective and consistent level of supervision, safeguarding a similar level of protection to all European policyholders and beneficiaries. After the publication of the key characteristics of the Common Supervisory Culture in November 2017, EIOPA published in April 2018 the Supervisory Convergence Plan 2018-2019. These documents set out EIOPA’s approach to supervisory convergence, i.e. through... building common benchmarks for supervisory practices, reviewing the practices and EIOPA’s own independent assessment. Following its recent audit, the European Court of Auditors (ECA) concluded that ‘EIOPA made an important contribution to supervision and stability in the insurance sector, but that significant challenges remain.’ This report outlines main achievements in the area of supervisory convergence by providing an overview of EIOPA’s supervisory activities in 2018, providing information on the progress made and challenges faced in achieving supervisory convergence across Member States. In 2019, EIOPA will continue to focus on the practical implementation of the key characteristics of the common supervisory culture and further development of supervisory tools, the risks to the internal market and to the level playing field, which may lead to supervisory arbitrage, and the supervision of emerging risks. EIOPA will also pay attention to new issues and risks such as supervision of run-off undertakings or the use of risk mitigation techniques.