On 7 April, EIOPA published its updated supervisory statement on supervision of run-off undertakings (more details can be found here). Insurance Europe had responded in an earlier consultation invitation based on feedback received by members.
The secretariat of Insurance Europe has prepared an assessment of the updated statement. Overall, on the positive side, the industry’s remarks on proportionality and run-off definition have been taken forward by EIOPA. However, no definition on materiality nor distinction into business cases are made, while some additional notification requirements are still maintained.