The European Insurance and Occupational Pensions Authority has published a follow-up report to its 2023 peer review on Product Oversight and Governance requirements, finding that National Competent Authorities have made overall progress in strengthening supervision but that implementation remains uneven across Member States. The report points to a shift in several jurisdictions from general or formal approaches toward more operational, risk-based and product-focused supervision of how insurance products are designed, distributed, monitored and reviewed for their target markets. Supervisory frameworks have become more mature, with clearer communication of supervisory expectations and more practical clarification of how Product Oversight and Governance requirements should be applied. Many authorities now use more developed conduct risk assessment frameworks that combine product-specific and undertaking-specific analysis with tools to help set supervisory priorities. Supervisory work has also become more systematic and outcome-oriented through greater use of off-site analysis, thematic reviews, product-focused assessments and on-site inspections. In several cases, this has resulted in remedial action such as product changes, cost reductions or product withdrawals. Progress was less consistent in areas that require changes to internal methodologies, organizational arrangements and resources. The authority will continue monitoring implementation of open recommended actions. Relevant competent authorities will be asked to report further progress within six months of the follow-up report's approval.
European Insurance and Occupational Pensions Authority2026-06-30
European Insurance and Occupational Pensions Authority follow-up report finds uneven progress in national supervision of insurance product governance
The European Insurance and Occupational Pensions Authority's follow-up report on Product Oversight and Governance supervision finds that national authorities have generally strengthened their frameworks and moved toward more risk-based, product-focused oversight. It also says progress remains uneven across Member States, especially where deeper methodological, organizational and resource changes are needed. EIOPA will continue to monitor open actions and may request further updates within six months of the report's approval.