The European Insurance and Occupational Pensions Authority (EIOPA) published a follow-up report to its 2022 Peer Review on Outsourcing under Solvency II, assessing how National Competent Authorities (NCAs) across the European Economic Area have implemented 77 recommended supervisory actions aimed at improving consistency and effectiveness in oversight of outsourced activities. The review found 51 actions ‘fulfilled’ and 22 ‘partially fulfilled’, while four actions remain ‘not fulfilled’. Reported improvements include more developed regulatory tools and guidance, stronger internal procedures, more structured notification processes, enhanced documentation requirements, and more advanced information systems supporting a more data-driven and risk-based approach. The report also highlights remaining gaps, particularly in off-site supervision, the full operationalisation of supervisory tools, and consistent embedding of internal procedures. EIOPA will continue monitoring implementation and may issue targeted guidance or support exchanges of best practices.
European Insurance and Occupational Pensions Authority 2025-07-24
European Insurance and Occupational Pensions Authority reports EEA supervisors have largely implemented Solvency II outsourcing peer review recommendations
The European Insurance and Occupational Pensions Authority (EIOPA) released a follow-up report on its 2022 Peer Review on Outsourcing under Solvency II, evaluating 77 supervisory actions by National Competent Authorities (NCAs) in the European Economic Area. The report found 51 actions fulfilled, 22 partially fulfilled, and four not fulfilled, noting improvements in regulatory tools, internal procedures, and information systems, but identifying gaps in off-site supervision and operationalisation of tools. EIOPA will continue monitoring and may provide targeted guidance or facilitate best practice exchanges.