The European Insurance and Occupational Pensions Authority has launched a public consultation on draft technical advice for minimum common standards for insurance guarantee schemes across the European Union. The draft, prepared at the European Commission’s request and supplementing the insurance guarantee scheme elements of EIOPA’s 2020 Opinion on the review of Solvency II, proposes targeted minimum harmonisation to address uneven or absent national schemes that leave policyholders with differing levels of protection when insurers fail, particularly in cross-border cases. The consultation covers four areas: the overall impact of minimum harmonised schemes, their operational functioning, the conditions for effective funding, and the interaction between harmonised schemes and the Insurance Recovery and Resolution Directive. The draft analyses several policy options and, where possible, identifies a preferred option. Proposed common standards focus on matters such as coverage, triggers, funding and coordination, while preserving national flexibility in areas including claim submission deadlines and institutional arrangements. EIOPA is due to provide its final technical advice to the European Commission by 31 August 2026. Under Article 98 of the Insurance Recovery and Resolution Directive, the Commission must then submit a report to the European Parliament and the Council on the suitability of establishing minimum common standards for insurance guarantee schemes in the EU.
European Insurance and Occupational Pensions Authority 2026-05-05
European Insurance and Occupational Pensions Authority launches consultation on minimum common standards for EU insurance guarantee schemes
The European Insurance and Occupational Pensions Authority has launched a consultation on draft technical advice setting minimum common standards for insurance guarantee schemes across the EU, supplementing its 2020 Opinion on Solvency II. The draft proposes targeted minimum harmonisation on coverage, triggers, funding and coordination to address uneven or absent national schemes, while preserving flexibility on claim submission deadlines and institutional arrangements, and analyses policy options on scheme impact, operation, funding and interaction with the Insurance Recovery and Resolution Directive.