EIOPA opens second batch of consultations on legal instruments after Solvency II review

The European Insurance and Occupational Pensions Authority (EIOPA) has launched today the second series of consultations regarding its proposed report on biodiversity risk management, as well as on five legal instruments to reflect the changes expected to be introduced to the regulatory framework as part of the Solvency II review process. The six consultations issued today cover topics ranging from biodiversity risk, sustainability risks and sustainability plans, diversity in insurers’ administrative, management or supervisory bodies, as well as updates to some existing guidelines and technical standards. The findings of the report and the five legal instruments will guide the implementation of the new features within the Solvency II framework to improve risk management and financial stability in the EU’s insurance sector. EIOPA invites stakeholders to provide their feedback on the consultation papers listed below by responding to the questions via the online surveys no later than 26 February 2025. All responses will be published on EIOPA’s website unless otherwise requested. Consultation on a report on biodiversity risk management Biodiversity loss can result in significant economic risks, affecting the value of investments, the frequency and intensity of insured losses, and the overall risk profile of insurers’ portfolios. EIOPA has identified a significant investment exposure in the insurance sector to assets dependent on nature and ecosystem services, which may indicate...