Implications For Ireland Of EIOPA's Peer Review On POG

Since the publication of our insight " Central Bank of Ireland - Thematic Inspection of Product Oversight & Governance"on 30 June 2023, the European Insurance and Occupational Pensions Authority ("EIOPA") has published a peer review on product oversight and governance ("POG") which focuses on how national competent authorities ("NCAs) in the European Economic Area are supervising the application of POG requirements by insurance manufacturers.

The report was published on 20 July 2023 and found that most NCAs had adapted their internal processes to include the supervision of POG requirements introduced by the Insurance Distribution Directive ("IDD") and the relevant Commission Delegated Regulation. The report also noted that some NCAs were still building their supervisory POG framework, and there remains significant differences regarding the level of maturity of POG supervision. In summary, 6 NCAs broadly met expectations, 2 met most expectations, 4 met some