On 24 May, Insurance Europe responded to EIOPA’s consultation on the technical advice for the review of the EU IORP II Directive.
In Insurance Europe’s opinion, the review should be based on a minimum harmonisation approach, respecting the particular features of the different pension systems in the EU member states, such as specific national rules introducing certain prudential, governance and disclosure requirements.
The efforts of the European Insurance and Occupational Pensions Authority (EIOPA) to promote a proportionate review of the governance and prudential requirements are appreciated. However, Europe’s insurers would prefer an approach that gives more consideration to the actual risks represented by IORPs and less to aspects such as their size and internal organisation.
Insurance Europe agrees with the need to consider important aspects such as sustainability risks and to promote diversity and inclusion in management bodies. However, such crucial aspects should be dealt with through different legislative initiatives, with IORP II focussing on prudential and governance aspects.