The European Insurance and Occupational Pensions Authority (EIOPA) published its approach to supporting regulatory simplification and reducing administrative burdens to enhance European competitiveness. It argues that simplification should be delivered through smarter, more harmonised EU regulation combined with effective EU-level supervision, to avoid market fragmentation while safeguarding consumer protection and financial stability. Within its remit, EIOPA points to work already underway including shortening Solvency II guidelines, streamlining Solvency II reporting templates and reducing data points, applying proportionality where possible, permanently reducing the frequency of stress tests for insurers and institutions for occupational retirement provision (IORPs), and promoting streamlined requirements for product disclosures, product design and sales processes. It also signals that it will assess what supervisory data is essential, support the European Commission in simplifying sustainability reporting while maintaining access to reliable and standardised data for climate risk management, and calls for earlier involvement in Level 1 negotiations and a stronger Board-level mandate to support supervisory convergence, including more consistent enforcement in areas such as cross-border supervision.
European Insurance and Occupational Pensions Authority 2025-04-08
European Insurance and Occupational Pensions Authority sets out approach to regulatory simplification and burden reduction anchored in EU harmonisation and effective supervision
EIOPA plans to simplify regulations and reduce administrative burdens to boost European competitiveness. Initiatives include revising Solvency II guidelines, reducing stress test frequency, and streamlining product disclosure requirements. EIOPA also aims to support the European Commission in simplifying sustainability reporting and seeks a stronger mandate for supervisory convergence and enforcement.