The European Insurance and Occupational Pensions Authority (EIOPA) has outlined further measures to simplify regulation and reduce administrative burdens across Europe’s insurance and occupational pensions sectors.
In an update published on Monday, EIOPA said simplification should become a “continuous, long-term guiding principle” of regulatory and supervisory work, rather than a one-off exercise.
The authority said its approach should reduce unnecessary complexity without compromising financial stability, consumer protection or supervisors’ ability to oversee markets.
Measures already taken include a 26% reduction in quarterly reporting templates and a 30% reduction in annual templates for solo insurers under the revised Solvency II Directive. EIOPA said reductions were greater for small and non-complex undertakings.
It has also reviewed 25 sets of guidelines, shortening them by around a third, and introduced a new proportionality framework under Solvency II.
Looking ahead, EIOPA said it would work to improve coherence between horizontal and sectoral legislation, promote integrated and digital-friendly data reporting, and favour outcome-oriented principles over prescriptive processes and extensive documentation requirements.
The authority also called for earlier and more structured involvement in the legislative process, as well as greater attention to the sequencing of legislative files where requirements overlap.
On supervision, EIOPA said better application of proportionality and stronger coordination between national supervisors could reduce fragmentation and make supervision more predictable and efficient across the single market.
It said a more structured dialogue with industry could also help identify and address complexity and practical obstacles within the existing legislative framework.
