On December 21, 2023, the European Insurance and Occupational Pensions Authority (EIOPA) published its Supervisory convergence plan for 2024 (the “Plan”), in compliance with its mandate to build a strong and common supervisory culture across all EU states.
The three main areas around which the activities in the Plan revolve are:
- Practical implementation of a common supervisory culture and the development of supervisory convergence tools;
- Risks to the internal market and a level playing field;
- Supervision of emerging risks.
Among other things, EIOPA will initiate a review of the Guidelines on the Supervisory Review Process related to Solvency II. Additionally, EIOPA will continue working towards constant development in supervisory assessments of conduct risks and supervisory approaches to ESG risks.
Finally, the Plan includes implementing the new Digital Operational Resilience Act (DORA) as a priority task.
The entire Plan has been published on the Authority’s website.