Insurance Compliance

EIOPA Guidelines on Assessing Undertaking Resolvability

The European Insurance and Occupational Pensions Authority (EIOPA) has published final guidelines specifying criteria for assessing the resolvability of insurance undertakings and groups. These guidelines focus on the feasibility and credibility of resolution strategies as outlined in the Insurance Recovery and Resolution Directive (IRRD).

EIOPA Guidelines on Resolvability Impediments and Measures

The European Insurance and Occupational Pensions Authority (EIOPA) has published final guidelines detailing alternative measures for resolution authorities to address impediments to the resolvability of insurance and reinsurance undertakings. These guidelines specify further details on measures listed in the IRRD and the circumstances for their application.

EIOPA Assesses EFRAG's Advice on Amended Sustainability Reporting Standards

EIOPA has published an opinion assessing the European Financial Reporting Advisory Group's (EFRAG) technical advice on amended European Sustainability Reporting Standards (ESRS). The opinion focuses on impacts to the (re)insurance and occupational pensions sectors, assessing data availability, consistency with EU legislation like Solvency II, and interoperability with international standards.

EIOPA Guidelines on Identifying Critical Insurance Functions

EIOPA has published final guidelines on identifying critical insurance functions, which if disrupted, could severely impact policyholders and financial stability. These guidelines are required under the IRRD and will inform resolution authorities in drafting resolution plans for identified insurers.

EIOPA Publishes IRRD Guidelines and Draft Technical Standards

The European Insurance and Occupational Pensions Authority (EIOPA) has published six new guidelines and draft technical standards for the Insurance Recovery and Resolution Directive (IRRD). These instruments provide practical implementation details for recovery and resolution frameworks for insurance undertakings, aiming to minimize the impact of failures on policyholders and financial stability.

EIOPA Revised Guidelines on Supervisory Review Process

The European Insurance and Occupational Pensions Authority (EIOPA) has published revised Guidelines on the Supervisory Review Process, incorporating updated regulatory developments and new supervisory best practices. These revised guidelines will become applicable on January 30, 2027.

EIOPA Updates Solvency II Guidelines on Supervisory Review and Risk Exposures

The European Insurance and Occupational Pensions Authority (EIOPA) has updated its Solvency II Guidelines concerning the supervisory review process and market/counterparty risk exposures. The revisions aim to align with Solvency II review outcomes, incorporate emerging risks like cyber and sustainability, and streamline existing rules.

Cybersecurity Alert: Cisco Zero-Day Vulnerabilities

The New York State Department of Financial Services issued a cybersecurity alert regarding active exploitation of Cisco zero-day vulnerabilities. Regulated entities are required to immediately identify affected Cisco devices and follow remediation steps outlined by CISA, including potential disconnection of end-of-support hardware.

NY DFS Guidance on Virtual Currency Custody and Customer Protection

The New York State Department of Financial Services has issued updated guidance on virtual currency custody and customer protection, replacing its 2023 guidance. The updated guidance provides further direction on sub-custody arrangements and emphasizes sound custody and disclosure practices to protect customers in the event of insolvency.

Guidance on Managing Third-Party Cybersecurity Risks

The New York State Department of Financial Services issued guidance on managing cybersecurity risks associated with third-party service providers. The guidance clarifies existing requirements and recommends best practices for covered entities to strengthen their oversight of these providers.