On 20 March 2020, the European Insurance and Occupational Pensions Authority (EIOPA) published its recommendations on supervisory flexibility regarding the deadlines of supervisory reporting and public disclosure – coronavirus/COVID-19. The general objective is to foster convergence and consistent supervisory approaches across Member States. This came as a response to the growing COVID-19 pandemic, which is triggering market uncertainty and fluctuation. EIOPA therefore considers that undertakings need to concentrate their efforts on monitoring and assessing the impact of COVID-19 as well as ensuring business continuity.

This paper summarises the three main delays that EIOPA recommends regulators offer to provide operational relief to undertakings if so needed. From a UK perspective, we cover the Prudential Regulation Authority’s response to the recommendations and also provide some insight on potential implications for the local insurance market, including likely take-up rates by firms and suggestions as to how the content of annual reporting disclosures might be affected.

If you have any comments or questions on this paper, or on wider aspects of COVID-19 developments, please do not hesitate to contact us.