The Secretariat of Insurance Europe met with Florentijn Kloosterman and team (DG FISMA – The Directorate‑General for Financial Stability, Financial Services and Capital Markets Union) to exchange views on EIOPA’s recently published batch of draft RTS and Guidelines under the Insurance Recovery and Resolution Directive (IRRD), and to discuss the European Commission’s (EC) perspective on the next steps for their implementation. The meeting also provided an opportunity to check in on the EC’s work on minimum harmonisation of Insurance Guarantee Schemes (IGS), considering EIOPA’s draft advice currently under consultation.
Overall, the discussion was positive in tone: however, there was no appetite to amend the draft RTS provided by EIOPA. The EC reiterated that they expect the implementation of the IRRD to be a gradual, iterative process, but were reluctant to confirm this in a more formal setting eg. a formal statement of these expectations.
Insurance Europe