European Insurance and Occupational Pensions Authority (EIOPA)

We have just published our final #report on the new Regulatory Technical Standards (RTS) for subcontracting ICT services under DORA! 🛡️ 💻 These RTS will help financial entities manage #ICT risks better by setting clear rules for #subcontracting critical and important ICT functions. It completes our policy toolkit for #DORA, making the EU financial sector from banks to #insurers and pension funds more secure and resilient in a digital world. Go to the Final Report 🔽 https://europa.eu/!xKFxmh ... or visit our landing page on DORA for even more info 💡 https://europa.eu/!jXyWy4 #Resilience #RiskManagement #DigitalResilience #EUfinance #insurance #pensions #cybersecurity #outsourcing #EIOPA #regulation #DigitalFinance - with the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA). 🤝

Navigating packaged retail and insurance-based investment products like options or derivatives can be complex. 😨 That's why regulation requires the producers and vendors of such products to provide non-professional #investors with Key Information Documents (KIDs) — based on which savers can make informed decisions. 📑 Today, we released a comprehensive list detailing the languages permitted for KIDs in each country within the European Economic Area. ✔ 🔗 Check out the list: https://europa.eu/!wGtgpk 💡 Lean more about #PRIIPs: https://europa.eu/!cF6nCF #insurance #clearcommunication #information #investing #retailinvestment #EUfinance #supervision #regulation #EIOPA

#DORA is shaping up! We have just delivered a set of new guidelines and technical standards to the European Commission for the EU's Digital Operational Resilience Act. 💻 These new rules cover a broad range of topics from cyber incident #reporting and threat-led penetration testing to key oversight details. What’s in this new batch, you ask? 🔸 four regulatory technical standards 🔹 one implementing technical standard, and 🔸 two guidelines - all of which are aimed at boosting the digital #resilience of the EU's financial sector to cyber attacks and digital threats. 💪 ▶ https://europa.eu/!3BKjrX #cybersecurity #ICT #digitalisation #digitalfinance #EUfinance #supervision #finance - with the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA). 🤝

Systemic #cyberattacks can jeopardize the stability of the EU's financial sectors. That's why we're excited to announce a step forward in our defense strategy! ✔ The European Supervisory Authorities are launching the EU Systemic Cyber Incident Coordination Framework (EU-#SCICF) as part of the Digital Operational Resilience Act (#DORA). This initiative is all about strengthening our response to #cyber incidents and enhancing #coordination among financial authorities and key international players. 🛡 🌐 Over the next few months, we'll be setting up the EU-SCICF Secretariat, Forum, and Crisis Coordination teams to ensure we’re ready to provide a timely response to cyber threats. 📰 Press release ▶ https://europa.eu/!pkt44f 📑 Factsheet ▶ https://europa.eu/!wKDxdG Stay tuned for more updates! 📨 - with the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA). #EUfinance #insurance #digitalresilience #digitalisation #EIOPA #ICT #CyberSecurity #supervision

💡Following the publication of the AI Act in the Official Journal of the EU, EIOPA gives a high-level overview of the legal framework applicable to AI systems in the insurance sector. In this factsheet you can find out more about: ✔️ The AI Act and its application in the insurance sector ✔️ New features introduced by the AI Act for the insurance sector ✔️ A view on objectives, governance, scope and outsourcing for the AI Act and for the insurance sector legislation #AI #insurance #regulation

📢 Have your say! ESAs opened a consultation on guidelines under the Markets in Crypto-assets Regulation. 📝🚀 The guidelines aim to establishing templates for explanations and legal opinions on the classification of crypto-assets. They also propose a standardized test to foster a common approach to classification. The goal is to support market participants and supervisors in adopting a convergent approach to the classification of crypto-assets. 💬 We are expecting your feedback by 12 October 2024 👇  https://lnkd.in/ejYUGRDW #EIOPA European Securities and Markets Authority (ESMA) European Banking Authority (EBA)

#ESAs just released a joint #report from the recent #workshop on using behavioural insights in supervisory and policy work. Held on February 14-15, the workshop gathered national #supervisors and other authorities to discuss the benefits and challenges of applying behavioural science in their daily tasks 👉 https://europa.eu/!tMMRMM

We are pleased to welcome the 60 members of our two new stakeholder groups, the Insurance and Reinsurance Stakeholder Group (IRSG) and the Occupational Pensions Stakeholder Group (OPSG). Our new members were selected following a competitive open call that received 179 applications from 28 European countries. We are proud to have achieved a diverse representation of interests, ensuring geographical and gender balance with members from 21 different nationalities, including 22 women. We look forward to working together on topics as diverse as #sustainablefinance, #digitalisation and operational resilience. Find out more 👉 https://europa.eu/!xVNtTb

We've just published our new Opinion on the #supervision of #captive (re)insurance undertakings, with a keen focus on: 🔸 Intra-group transactions, especially cash pooling 💶 🔹 Consistent application of the prudent person principle 👤 🔸 Governance, particularly key functions and outsourcing 🔄 🔍 This Opinion, addressed to national supervisors, outlines supervisory expectations tailored to the unique #businessmodel of captive (re)insurers. It promotes a risk-based, proportionate supervision approach and supports the #convergence of supervisory practices across the EU. 👉 Read the full Opinion here: https://europa.eu/!bBjH6d #Insurance #Supervision #Governance #EIOPA #EURegulation #EUfinance

We're taking steps to further enhance supervisory practices for when (re)insurers relocate within the EU. 📦 💪 Our new annex aims to ensure smooth transitions and uninterrupted #services for companies that are moving their registered offices inside the Single Market. 🏢 Key points: 🔹 Early, active #engagement between supervisors in departure and destination countries 🔸 Structured #transfer of supervisory information to protect #policyholders and beneficiaries 🔹 Technical assistance from EIOPA in complex cases To learn more, visit out website 🔽 https://europa.eu/!NvWYw8 #Insurance #Reinsurance #EIOPA #MobilityDirective #Cooperation #SingleMarket #ConsumerProtection #Supervision #EUfinance #financialservices