Level 3 Guidance
EIOPA is tasked to issue supervisory standards, recommendations and guidelines to enhance convergent and effective application of regulations
This guidance is one of the tools used to increase supervisory convergence. It is not binding on Supervisory Authorities, but does present an opportunity to harmonise outcomes from Supervisory Authority decisions.
EIOPA may issue guidelines in accordance with Article 16 of the EIOPA Regulation. Guidelines do not need to be approved by the Commission, Parliament or Council.
EIOPA published 20 sets of guidelines for public consultation in June 2014. In February 2015, it published 19 sets in the EU's official languages.
EIOPA issued a further 8 sets of guidelines for public consultation in December 2014. Lloyd's contributed to Insurance Europe's responses to them. EIOPA published final reports on these in July 2015 and published the guidelines in the EU's official languages in September 2015.