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ARTICLE · 08 FEBRUARY 2022

EIOPA's Supervisory Statement On The Supervision Of Run-Off Undertakings

William Fry LLP
William Fry LLP
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William Fry LLP

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On 8 July 2021, the European Insurance and Occupational Pensions Authority (EIOPA) published its draft Supervisory Statement on Supervision of Run-Off Undertakings (Paper).

IrelandInsurance
Eoin Caulfield
Eoin Caulfield
Ian Murray
Ian Murray
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On 8 July 2021, the European Insurance and Occupational Pensions Authority (EIOPA) published its draft Supervisory Statement on Supervision of Run-Off Undertakings (Paper). The Paper is a  precursor to a pan-European supervisory approach to regulating entities in run-off.

The Paper was published in response to the growing levels of activity in the run-off market, particularly regarding private equity funds activity. The run-off market has been very active in the past number of years, largely due to hardening interest rates and insurers seeking to benefit from capital relief by disposing of legacy portfolios.
The involvement of private equity funds,  indicating a higher risk-reward asset mix and a shorter investment horizon for run-off undertakings, was a key driver for the Paper. This can be detrimental to the interests of customers.

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