EIOPA
EIOPAAlso called european Insurance and Occupational Pensions Authority
EIOPA, the European Insurance and Occupational Pensions Authority, is the EU body that sets common supervisory standards for insurers, reinsurers and occupational pension funds. Based in Frankfurt and operating since 1 January 2011, it drafts technical standards and guidelines and runs EU-wide stress tests. National authorities carry out day-to-day supervision.
How it works
EIOPA is one of three European Supervisory Authorities, alongside the EBA and ESMA. It drafts regulatory and implementing technical standards that the Commission adopts as law, issues guidelines that national supervisors comply with or explain, and reviews how consistently those supervisors apply EU rules. Its main rulebook is Solvency II, which governs insurers' capital, governance, risk management and reporting.
For insurers, EIOPA's output defines the detail of compliance: reporting templates, own risk and solvency assessment expectations and product oversight rules. The amended Solvency II framework applies from 30 January 2027, and EIOPA has drafted many of the standards behind it. Under DORA, it also shares oversight of critical ICT third-party providers with the other two authorities.
The rules
Establishes EIOPA, its powers to draft technical standards and guidelines, settle disputes and act in emergencies.
EIOPA and national insurance and pension supervisorsSets risk-based capital requirements, governance and risk management rules, and public and supervisory reporting for insurers.
EU insurers and reinsurersRevises Solvency II with changes to capital calculations, proportionality for small and non-complex insurers, macroprudential tools and sustainability risk.
EU insurers and reinsurersCommon questions
Does EIOPA supervise insurers directly?
No. National competent authorities, such as BaFin in Germany or the Central Bank of Ireland, supervise insurers. EIOPA sets common standards, issues guidelines, coordinates colleges of supervisors and checks that national authorities apply EU law consistently. It can intervene in specific cases set out in its founding regulation.
What is the difference between EIOPA guidelines and technical standards?
Technical standards are drafted by EIOPA and adopted by the European Commission as binding EU regulations. Guidelines are issued by EIOPA directly. National authorities and firms must make every effort to comply with guidelines, and authorities must state whether they comply or explain why not.
When does the revised Solvency II apply?
Directive (EU) 2025/2 entered into force in January 2025. Member states must transpose it by 29 January 2027, and the amended rules apply from 30 January 2027, together with revised delegated rules and EIOPA technical standards.
Does EIOPA run stress tests?
Yes. EIOPA runs EU-wide stress tests for insurers and for occupational pension funds. They assess how the sector would cope with severe market and insurance shocks. Results are published at aggregate level and feed supervisory dialogue at national level.
