EIOPA publishes its Supervisory Convergence Plan for 2023

The European Insurance and Occupational Pensions Authority (EIOPA) published its Supervisory Convergence Plan for 2023.
The Supervisory Convergence Plan includes EIOPA’s three main priorities to enhance supervisory convergence over the course of 2023:
+ the implementation of the common supervisory culture and the development of supervisory convergence tools;
+ the risks to the internal market and the level playing field;
+ the supervision of emerging risks.
EIOPA will continue working on the risk assessment framework and the application of proportionality, the supervisory assessments of conduct risks and its supervisory approach to sustainability risks, as well as the development of digital tools for supervisors, among other priorities, in the area of the common supervisory culture.
Furthermore, EIOPA will continue to promote benchmark studies on internal models and address the lack of convergence in how national competent authorities (NCAs) manage reinsurance undertakings with the head office in third countries in order to maintain trust and coherence in the internal market.
Recognizing the additional dangers, EIOPA added the implementation of the new rule on digital operational resilience (DORA) to its list of priorities, where supervisory convergence will be crucial.
EIOPA will examine cyber underwriting procedures in more detail, paying particular attention to how small and medium-sized businesses can obtain cyber insurance.
Last but not least, EIOPA will create supervisory convergence tools to assist NCAs in carrying out the study of the digital business model.