(Only in Italian)
The Q&A clarify provisions already contained in the applicable legislation. They do not in any way extend the rights and obligations arising from that legislation nor do they introduce additional requirements for relevant operators and competent authorities. The answers are only intended to support market participants, competent authorities, EU institutions and EU bodies and to clarify the application or implementation of the relevant legal provisions.
The Q&As clarify the scope of application of the SFDR with regard to both the type of entities to which it applies and the size limit, the products to which it applies, and how to advertise and what to do about portfolio management.
The supervisory statement concerns the authorisation of the acquisition of run-off portfolios and run-off undertakings. EIOPA points out that supervision is particularly complex due to the specific risk profile of such undertakings, e.g. in relation to changes in ownership. In addition, there is a lack of specific regulation for run-off undertakings in the Solvency II framework.
Therefore, the Authority recommends that the potential purchaser engages in an early dialogue with the national supervisory authorities in order to communicate its intention to settle all (or a substantial part) of its insurance obligations. National supervisory authorities, as part of their ongoing supervision, should carry out an analysis of the business model with a specific focus on how the company is expected to remain viable in the foreseeable future.
The consultation will end on 17 October 2021.
