EIOPA Opinion on the scope of DORA in light of the review of the Solvency II framework

EIOPA-BoS-24/425 OVERSIGHT DEPARTMENT 14 November 2024 DETAILED ACCOUNT AND EIOPA OPINION ON THE IMPACT OF INCREASED SIZE THRESHOLDS AS PART OF THE SOLVENCY II REVIEW ON INSURANCE UNDERTAKINGS IN SCOPE OF DORA 1. LEGAL BASIS 1. The European Insurance and Occupational Pensions Authority (EIOPA) provides this detailed account based on Article 9a of Regulation (EU) No 1094/2010 (EIOPA Regulation). 2. Where EIOPA considers that any of the legislative acts referred to in Article 1(2) of the EIOPA Regulation, or any delegated or implementing act based on those legislative acts raises significant exceptional issues pertaining to market confidence, consumer, customer or investor protection, the orderly functioning and integrity of financial markets or commodity markets, or the stability of the whole or part of the financial system in the Union, according to Article 9a(4) of the EIOPA Regulation, EIOPA shall without undue delay send such detailed account in writing to the competent authorities and the Commission of the issues it considers to exist. 3. In addition to this detailed account, EIOPA published and provided the Commission with an opinion, which sets out the action EIOPA considers appropriate to remedy the issue (Article 9a(4) of the EIOPA Regulation). 2. DESCRIPTION OF THE ISSUE 4. Insurance undertakings specified in Article 4 of Directive 2009/138/EC (Solvency II Directive) are excluded from the scope of that Directive due to their size. More...