EIOPA consults on supervisory expectations regarding the supervision of reinsurance concluded with third-country reinsurers

EIOPA has issued a draft supervisory statement for public consultation regarding the supervision of reinsurance agreements concluded with third-country reinsurers. The statement aims to set out supervisory expectations for national supervisors and the insurance industry when using reinsurance from third countries.
Key areas covered in the statement include:
– Assessment of the business context when using reinsurance from third countries and the importance of early supervisory dialogue.
– Supervisory considerations for assessing reinsurance agreements and risk management systems related to the use of third-country reinsurers.
– Tools to mitigate any additional risks that may arise from using reinsurance agreements with third-country reinsurers.
The statement aims to ensure high-quality and consistent supervision of insurers that have reinsurance arrangements with third-country reinsurers.