Publication alert: EIOPA - Single Programming Document 2022-2024
We communicate that the European Insurance and Occupational Pensions Authority (EIOPA) has published the following document:
Strategy for the period 2023-2026
Single Programming Document, including the Annual Work Programme for 2023.
1. Context
The EIOPA Strategy for the period 2023-2026 sets out EIOPA’s plans for the coming years, which have been designed taking into account the current geopolitical and economic context. This includes the Russia’s unprovoked invasion of Ukraine coupled with lingering effects of the pandemic, market volatility and inflation. Additionally, the EIOPA has published its Single Programming Document, including the Annual Work Programme for 2023. This document sets out the key activities planned for 2023.
2. Main points
EIOPA has identified six strategic priorities. For each objective some regulatory provisions for 2023 have been outlined.
- Address sustainability related challenges, contributing to building up sustainable insurance and pensions, including by addressing protection gaps, for the benefit of citizens and businesses.
- Update the regulatory technical standards (RTS) to clarify environmental and social indicators.
- Supporting the market and supervisory community through digital transformation, helping the supervisory community and industry to mitigate the risks and seize the opportunities of the digital changes, including by further promoting a data-driven culture.
- Deliver the Regulatory and Implementing Technical Standards (ITS) from DORA.
- Developing a sound regime for the use of artificial intelligence (AI) by the insurance sector.
- Strengthen supervisory convergence, promoting sound, efficient and consistent prudential and conduct supervision throughout Europe, particularly in view of increased cross-border business. Through digital literacy initiatives and work, EIOPA will also strive to promote accessibility.
- Ensuring technically sound prudential and conduct of business policy, delivering high-quality advice and other policy work taking into account changing and growing needs of society as well as the effects of new horizontal regulation. EIOPA aims to create an ecosystem that supports financial resilience and enhances the financial health of consumers, taking into account diversity and inclusion considerations.
- Delivering advice in relation to the review of the IORP II Directive.
- Further enhance financial stability, with particular focus on the analysis of financial sector risks, vulnerabilities, and emerging threats. EIOPA aims at further building up its reputation for sound evidence-based analysis, which takes into account sustainability considerations, including through stress tests exercises. Improved modelling, also based on Artificial Intelligence techniques, and increased use of predictive approaches, such as early warning models, shall contribute to enhancing the quality of the analysis, thereby also better accounting for country specificities.
- Initiating one-off coordinated climate change stress test.
- Ensuring good internal governance, being a model EU Authority with high professional standards and cost-effective governance. EIOPA aims to further strengthen its organisational capabilities, in particular through the use of technology to facilitate collaboration, increase efficiency and security and drive long-term performance in a post pandemic working environment.