{
  "title": "Euro Area: Publication of Financial Sector Assessment Program Documentation-Technical Note on Insurance Micro and Macroprudential Supervision",
  "publication": "IMF Staff Country Reports, July 25, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/07/25/euro-area-publication-of-financial-sector-assessment-program-documentation-technical-note-568939",
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  "summary": "This Technical Note focuses on Insurance Micro and Macroprudential Supervision in the euro area (EA). The institutional framework for insurance regulation and supervision in the EA has evolved gradually, with significant legislative processes still in development at the time of the financial sector",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Focus: Insurance Micro and Macroprudential Supervision in the euro area (EA).\n- Context: The institutional framework for insurance regulation and supervision in the EA has evolved gradually, with significant legislative processes still in development at the time of the financial sector assessment program.\n- Alignment: The European Systemic Risk Assessment Framework is aligned with the International Association of Insurance Supervisors’ Global Monitoring Exercise but lacks a systemic risk score for individual insurers."
    },
    {
      "heading": "Key findings",
      "content": "- Legislative process status:\n  - The institutional framework has evolved gradually.\n  - Significant legislative processes remained in development at the time of the FSAP.\n- Systemic risk assessment:\n  - EIOPA’s European Systemic Risk Assessment Framework is aligned with the International Association of Insurance Supervisors’ Global Monitoring Exercise.\n  - The framework does not include a systemic risk score for individual insurers.\n- Data ownership and constraints:\n  - Key Solvency II data are owned by National Competent Authorities (NCAs), which can constrain data sharing and systemic risk monitoring within the European System of Financial Supervision."
    },
    {
      "heading": "Policy recommendations",
      "content": "- Legislative reform sequencing:\n  - The European Commission is advised to consider a temporary pause in legislative reforms after the retail investment strategy is completed and insurance guarantee schemes are harmonized.\n  - Any future legislative changes should face a high threshold for adoption.\n- EIOPA enhancements:\n  - EIOPA should continue to enhance its European Systemic Risk Assessment Framework, with emphasis on addressing the absence of a systemic risk score for individual insurers.\n- Data centralization:\n  - Centralize Solvency II data collection at EIOPA to improve data sharing and systemic risk monitoring within the European System of Financial Supervision."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Financial institutions; Financial sector policy and analysis; Insurance; Insurance companies; Solvency; Stress testing; Systemic risk.\n- Keywords: A. EU insurance regulation architecture; E. climate risk Supervision; EIOPA protection gaps dashboard; Europe; Global; Insurance; Insurance companies; insurance MICRO; risk dashboard; Solvency; Stress testing; Systemic risk.\n\nSource: International Monetary Fund, \"Euro Area: Publication of Financial Sector Assessment Program Documentation-Technical Note on Insurance Micro and Macroprudential Supervision\", July 25, 2025.\n\n---\n\n Content in this bundle\n\n- 1eurea2025005\n  - 1eurea2025005 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1eurea2025005 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 25, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229018074.002",
    "Focus: Insurance Micro and Macroprudential Supervision in the euro area (EA).",
    "Context: The institutional framework for insurance regulation and supervision in the EA has evolved gradually, with significant legislative processes still in development at the time of the financial sector assessment program.",
    "Alignment: The European Systemic Risk Assessment Framework is aligned with the International Association of Insurance Supervisors’ Global Monitoring Exercise but lacks a systemic risk score for individual insurers.",
    "Legislative process status:",
    "Data ownership and constraints:",
    "Legislative reform sequencing:",
    "EIOPA enhancements:",
    "Data centralization:",
    "Subjects: Financial institutions; Financial sector policy and analysis; Insurance; Insurance companies; Solvency; Stress testing; Systemic risk.",
    "Keywords: A. EU insurance regulation architecture; E. climate risk Supervision; EIOPA protection gaps dashboard; Europe; Global; Insurance; Insurance companies; insurance MICRO; risk dashboard; Solvency; Stress testing; Systemic risk.",
    "**1eurea2025005**"
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