The European Insurance and Occupational Pensions Authority has opened a public consultation on draft technical advice to the European Commission on minimum common standards for insurance guarantee schemes in the European Union. The draft is intended to address uneven policyholder protection when insurers fail, reflecting wide differences in national schemes and the absence of such schemes in some member states, which can lead to materially different outcomes, particularly in cross-border cases. The advice, accompanied by a technical annex, supplements the insurance guarantee scheme elements of EIOPA’s 2020 Opinion on the review of Solvency II with targeted proposals. It covers four areas: the impact of minimum harmonised insurance guarantee schemes, their operational functioning, conditions for effective funding, and interaction with the Insurance Recovery and Resolution Directive. Across those areas, EIOPA analysed several policy options and, where possible, identified a preferred option. The approach would set common EU standards on coverage, triggers, funding and coordination, while preserving national flexibility in areas such as claim submission deadlines and institutional arrangements. EIOPA is due to provide its final technical advice to the European Commission by 31 August 2026. The work follows a request from the Commission under Article 98 of the Insurance Recovery and Resolution Directive, which requires the Commission, after consulting EIOPA, to 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 public consultation on draft technical advice to the European Commission on minimum common standards for insurance guarantee schemes in the EU, addressing uneven policyholder protection in insurer failures. Supplementing EIOPA’s 2020 Opinion on the review of Solvency II, the advice assesses policy options across impact, operational functioning, funding conditions and interaction with the Insurance Recovery and Resolution Directive, and proposes common EU standards on coverage, triggers and funding while preserving some national flexibilities.