EIOPA issues opinion on a delegation of group supervision between two national supervisory authorities

EIOPA has issued an opinion on a delegation agreement between two NCAs, the DGSFP and DNB. The agreement pertains to the delegation of tasks and responsibilities for group supervision of Aegon N.V. Group, an insurance group operating in the Netherlands, Spain, Portugal, and outside of EU.
Aegon announced its intention to move its legal seat to a third country and has finalized the sale of all its Dutch insurance entities. As a result, according to Solvency II rules, the DGSFP becomes the group supervisor of Aegon during the period between the sale of the Dutch business and the change of seat. However, the DGSFP and the DNB believe that it is appropriate for the DNB to continue group supervision of Aegon for a period of six months. This is to ensure economies of scale, coherent group supervision, and optimal use of technical expertise among NCAs.
EIOPA supports this delegation, stating that it would lead to efficient, effective, and consistent supervision, as well as a smooth handover of group supervision responsibilities. They believe that the delegated supervisory competences are duly identified and determined in accordance with relevant Union laws. Considering the specific circumstances of the case, EIOPA concludes that the proposed delegation is justified and proportionate.
The delegation agreement is expected to be in effect for a maximum period of six months, with the possibility of an extension if needed. After the agreement expires, the DGSFP will resume all tasks and responsibilities related to group supervision of Aegon. DNB and DGSFP are responsible for ensuring compliance with Union law and are required to keep EIOPA informed of any developments concerning the Group.