The EIOPA issued its Guidelines on the supervision of branches of third-country insurance undertakings under Solvency II. The objective of these Guidelines is to ensure a consistent, efficient and effective consumer protection within the European Union.
The European Insurance and Occupational Pensions Authority (EIOPA) Guidelines are non-binding instruments addressed to National Competent Authorities (NCAs) or Financial Institutions. Their aim is to ensure common, uniform and consistent application of Union law as well as to establish consistent, efficient and effective supervisory practices drafted by EIOPA in accordance with Article 16 of the Regulation establishing EIOPA.
EIOPA has the obligation to list in its Annual Report those NCAs that reported non-compliance as well as the measures to be taken. A report on the compliance will be sent to the European Commission, Parliament and Council.
These Guidelines are aimed at policyholders' protection when dealing with a branch of a third-country insurance company.
Within 2 months, the National Competent Authorities (NCAs) should confirm to EIOPA their compliance or intention to comply with the Guidelines on the supervision of branches of third-country insurance undertakings.
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