Source: European Parliament
Under Article 30 of the Solvency II Directive[1], the financial supervision of insurance undertakings with their head office located in the territory of a Member State is the sole responsibility of the supervisory authority of that Member State.
The Commission’s opinion issued according to Article 17(4) of the European Insurance and Occupational Pensions Authority (EIOPA) Regulation[2] concerns the way and the extent to which the national supervisor exercised its supervisory powers under the Solvency II Directive following the detection of non-compliance by a Slovakian insurance undertaking with Solvency II requirements.
Article 17(4) of the EIOPA Regulation does not confer on the Commission any powers to open an autonomous investigation upon any individual undertaking that is the object of the national competent authority’s supervision. This provision provides that the Commission’s formal opinion shall take into account the EIOPA’s recommendation.
The factual background and assessment of the situation of the Slovak insurance undertaking referred to in the Commission’s opinion are based on the evidence and assessment provided by the national supervisory authority, which is the sole authority empowered to exercise direct supervisory competence towards insurance undertakings under its jurisdiction, and by EIOPA, including in the context of inspections of a collaboration platform.
The Commission and EIOPA discussed the findings referred to in the EIOPA Recommendation and concurred that supervisory action was necessary.