The European Insurance and Occupational Pensions Authority’s strategic priorities for 2024

This article sets out the activities the European Insurance and Occupational Pensions Authority (EIOPA) will undertake in 2024-2026. 2024 is the first year of their three-year plan.

The EIOPA priorities for 2024 build on many of the projects that started in the previous year or commences preparatory work for changes in the next few years.

EIOPA 6 strategic-priorities for 2024 - Mazars in ireland

Priority 1

  • Review of Solvency II: EIOPA will, once there is more clarity on the negotiations, map where changes are needed and review technical standards and EIOPA’s guidelines.

Priority 2

  • EIOPA will also continue monitoring the developments on a recovery and resolution framework for insurance, following the European Commission’s proposal for an Insurance Recovery and Resolution Directive.

Priority 3

  • In addition, EIOPA will actively contribute to future legislative and non-legislative initiatives that are expected to be tabled by the European Commission, such as the review of the Institutions for Occupational Retirement Provision (IORP) II Directive as well as a possible call for advice from the Commission on the review of the Insurance Distribution Directive.

Priority 4

  • EIOPA, as an EU body, is expected to implement the Cyber Security and Information Security Regulations to establish standard cybersecurity measures and increase the protection of information handled by the European administration.

Priority 5

  • Several implementing actions are expected following EIOPA’s country visits, supervisory convergence activities, warnings and supervisory statements within EIOPA’s conduct of business framework

Priority 6

  • Consistent with the growth of the cross-border activity in the EU internal market that requires greater attention to home-host supervisory relations, EIOPA’s work on supervision will continue to increase, reinforcing collaboration and building a common European supervisory culture through establishing cooperation platforms. Towards this end, EIOPA will continue using, to the full extent, the available toolbox and expand the scope of its activities to the maximum in order to counter potential consumer detriment. 

This will be a transition year for EIOPA without many significant legislative changes, with the focus on contributing to the numerous cross-function projects. In addition, EIOPA will continue to monitor the work on the Solvency II review with a view to assessing the work required for any proposed changes.

How can we help?

Our prudential risk experts recognise that regulations remain a pivotal driver for the strategic priorities of financial institutions. Our team excels at helping clients within the financial services sector to navigate the intricate web of regulations. We work in tandem with our clients to identify their regulatory responsibilities and develop strategies for full compliance.

This article is the second instalment in a four-part series outlining the strategic priorities of European Supervisory Authorities for the financial sector.

Read article one on The European Banking Authority's strategic priorities for 2024

Read article three on the European Central Bank’s strategic priorities 2024-2026

Read article four on the European Securities and Markets Authority’s strategic priorities for 2024 

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