On 25 July, EIOPA published the follow-up report to its 2022 Peer Review on Outsourcing under the Solvency II framework.
The 202-page report evaluates the previous 77 recommended actions for each individual NCAs. Overall:
- 51 (66%) assessed as ‘fulfilled’
- 22 (19%) assessed as ‘partially fulfilled’ (i.e. work is in progress)
- 4 (5%) have not been fulfilled (i.e., work has not started yet)
EIOPA acknowledge the high number of fulfilled actions reflects the sector-wide recognition of outsourcing as a critical supervisory issue and the concerted efforts taken to align supervisory frameworks with EIOPA’s expectations.