Insurance Quarterly Legal And Regulatory Update: 1 January 2026 – 31 March 2026

1 SOLVENCY II

1.1 ESAs final report on joint guidelines for integrating ESG risks into financial stress tests

On 8 January 2026, the European Supervisory Authorities (EBA, EIOPA and ESMA - the ESAs) published their joint Guidelines on ESG stress testing under the Capital Requirements Directive (2013/36/EU) (CRD)¹ and the Solvency II Directive (2009/138/EC).²

The aim of the guidelines is to ensure that national competent authorities (NCAs) integrate ESG risks into stress testing activities. They provide guidance on ESG-inclusive stress test design and outline essential governance and organisational structures.

The guidelines cover topics including:

• Requirements relating to assessment methodologies in the stress testing of ESG risks.

• Principles and methodological considerations.

• Organisational and governance arrangements, highlighting the necessity of co-ordination between NCAs and regular review of stress testing frameworks.

NCAs should apply the guidelines when performing supervisory stress test where applicable according to the sectoral legislation.

The final report follows positive overall feedback to draft guidelines, received in a consultation in June 2025. The final guidelines reflect the general approach consulted on.

The Guidelines will be subject to a ‘comply or explain’ procedure by the National Competent Authorities and will be translated into all the official languages of the EU in the first quarter of 2026.

The guidelines will apply from 1 January 2027.

The final report can be accessedhere.

1.2 Consultation Paper on Supervision of (Re-)insurance Undertakings Related to Private Equity

On 27 January 2026, EIOPA published a consultation paper on a supervisory statement on the authorisation and ongoing supervision of (re-) insurance undertakings related to private equity. The paper sets out EIOPA’s response to the rise in acquisitions of insurance undertakings by PE firms in the European (re-) insurance sector. 

EIOPA delivers this Supervisory Statement based on Directive 2009/138/EC (Solvency II Directive). The paper forms part of its on-going objective to promote the protection of policyholders and beneficiaries.

The aim of this Supervisory Statement is to ensure high-quality and convergent supervision of (re-)insurance undertakings related to PE firms, considering their specific nature and risks. The statement is meant to be applied by European supervisory authorities to ensure risk-based and proportionate supervision.

EIOPA invites feedback on the consultation paper via the online survey - no later than 30 April 2026. The online survey can be accessed here.

The consultation paper can be accessed here.

1.3 Commission advances the Savings and Investments Union

On 18 February 2026, the Commission Delegated Regulation (EU) 2026/269 of 29 October 2025 amending Delegated Regulation (EU) 2015/35 entered into force.

The Commission adopted two new measures to support the essential role institutional investors, such as banks and insurers, play in financing the EU economy.

These measures deliver on the roadmap set out in the Savings and Investments Union (SIU) strategy. They aim at boosting equity investments by banks and insurers.

The amendments to the Solvency II delegated regulation include:

• Enhancement of the investment capacity of insurers.

• A new preferential treatment for insurers' equity investments under legislative programmes where public subsidies and guarantees are involved.

• Removal of unnecessary prudential costs for insurers when investing in securitisation.

• Preservation of insurers' ability to offer long-term life insurance and pension product.

• Reduction of administrative burdens by streamlining reporting and disclosure requirements.

The amendments to the Solvency II Delegated Regulation will apply at the same time of the Directive (EU) 2025/2, namely from 30 January 2027.

The commission delegated regulation can be accessed here.

1.4 EIOPA final reports on guidelines on the supervisory review process and on market and counterparty exposures

On 13 February 2026, EIOPA published its final reports on revised guidelines on the supervisory review process (SRP) and on market and counterparty risk exposures under the Solvency II Directive (2009/138/EC).

EIOPA has altered some of the drafting considering feedback received, however not the overall approach. The feedback summary and EIOPAs response can be found annexed to the final reports.

The revised guidelines, adopted in January 2026, are on:

• Supervisory review process - The amendments aim to align existing provisions with the latest regulatory developments and to incorporate new processes to address risks and trends that have emerged since the Guidelines were first adopted in 2015. These guidelines are of relevance to national supervisory authorities and indirectly benefit insurers/reinsurers. The guidelines can be accessed here and the final report can be accessed here.

• The treatment of market and counterparty risk exposures in the standard formula - The amendments update legal references and clarify and streamline the text. Guidelines are amended to broaden their application, four are deleted and a new Guideline is introduced to clarify the treatment of leveraged funds. The guidelines can be accessed hereand the final report can be accessedhere.

The revised guidelines will repeal and replace the 2015 guidelines from 30 January 2027. 

2 EIOPA

2.1 EIOPA strategy towards 2030

On 15 January 2026, EIOPA published its strategy, setting out its areas of strategic activity for the period up to 2030. The document identifies three main strategic areas (each centred around three actionable objectives) to achieve these goals:

• Strengthening single market integration - EIOPA intends to drive effective supervision across the Single Market by promoting common supervisory frameworks, methodologies and tools to allow a shared supervisory culture. To strengthen supervisory capacity, it aims to continue to provide technical support to National Competent Authorities (NCAs). It also intends to strengthen the supervisory response across multiple areas. These include internal models, conduct risks and the oversight of critical third-party service providers. EIOPA also strives to deepen global engagement through contributing to the implementation of a common insurance Standard (ICS) and co-operating with third country supervisors and international bodies on managing global financial risks.

• Enhancing market and societal resilience against risk – EIOPA will continue its work in monitoring financial markets and material risks. Crisis prevention, management and resolution will be enhanced in tandem with joint threat exercises and early-warning mechanisms to increase provision in case of potential shocks. Consumer trust and protection will be strengthened by promoting informed decision making among customers regarding critical protection gaps and enhancement of data quality and understanding risk drivers. Targeted guidance, good practices and sound disclosures will be key in contributing to societal resilience. EIOPA will promote cross sectoral collaboration through the development of joint frameworks and data-sharing initiatives and the continued deepening of collaborations with international authorities.

• Better regulation supporting supervision – EIOPA is committed to the maintenance of a fit-for-purpose regulatory and supervisory framework that is efficient, forward-looking, and provides robust consumer protection. It emphasises envisaged work to deliver technical advice and simplify the regulatory and supervisory framework. The aim is to enhance supervisory and operational efficiency using technology (SupTech) and digital innovation to improve and streamline the collection and use of data.

The EIOPA strategy can be accessed here.

2.2 Revised EIOPA single programming document for 2026-2028

On 19 January 2026, EIOPA published a revised version of its single programming document, from the years 2026 to 2028 inclusive. The EIOPA annual work programme for 2026 is included. EIOPA has outlined market integration and enhancement as priorities for 2026, as reflected in the latest strategy, published on the 15 January 2026.

EIOPA will concentrate on matters including:

• Continued active contribution to implementing the Retail Investment Strategy.

• Overseeing implementation of sectoral regulation and of new tasks under the Solvency II Directive (2009/138/EC) and the Insurance Recovery and Resolution Directive ((EU) 2025/1) (IRRD).³

• Directing the integration of necessary requirements following amendments to legislation, including the Taxonomy Regulation ((EU) 2020/852)⁴ and the Sustainable Finance Disclosure Regulation ((EU) 2019/2088) (SFDR).⁵

• Aiding Europe-wide cyber incident co-ordination framework- ensuring preparedness in the event of a substantial cyber incident.

• Establishing clear rules for data use through continued contribution to regulatory initiatives and monitoring of potential impacts.

The revised EIOPA single programming document can be accessed here.

2.3 EIOPA Q&As 2026 (updated 22 March 2026)

On 22 March 2026, the EIOPA Q&As were most recently updated. The objective of EIOPA’s Q&A process is to ensure consistent and effective application of European Regulation and to foster supervisory convergence across EIOPA’s scope of action. The process allows any natural or legal person, including financial institutions, competent authorities and Union institutions and bodies, to submit questions relating to the application or implementation of legislative provisions.

While the answers provided by EIOPA are of practical significance, they have no binding force in law.

A full copy of the Q&As can be found here.

2.4 EIOPA finalises guidelines on market and counterparty risk exposures under Solvency II

On 13 February 2026, EIOPA finalised and published revised guidelines on the treatment of market and counterparty risk exposures using the standard formula. A final report on the revision of guidelines was also posted.

The revised guidelines repeal and replace previous guidelines on the same issue that were finalised in December 2014.

Revisions to the guidelines include:

• A new guideline on the treatment of leveraged funds.

• The deletion of guidelines on employee benefits and the market risk concentration sub-module.

• The deletion of a guideline on securities lending transactions.

• The rephrasing and shortening of other guidelines to improve clarity.

The revised guidelines must be translated into the official EU languages and will then become applicable two months later.

The finalised revised guidelines can be accessed here.

2.5 EIOPA seeks input on adaptation measures in NatCat insurance under Solvency II

On 4 February 2026, EIOPA launched a public consultation regarding adaptation measures within the Solvency II framework, to assess the interplay between risk mitigation and capital requirements for natural catastrophe (NatCat) insurance.

In Europe there is a significant natural catastrophe insurance protection gap, despite the important role insurance coverage plays in protection from natural-related disasters.

As climate change increases the probability of climate related hazards, adaptation measures, such as flood protection mechanisms, will be key in reducing policyholder’s risk. Such measures maintain the future provisions of non-life insurance products at affordable rates, thereby reducing future losses for Europe.

EIOPA previously introduced the concept of “impact underwriting”. This concept encourages insurers to incentivise policyholders to adopt adaptation measures. The EU insurance market is still in the early stages of integration when it comes to the integration of micro-adaption measures into insurance products.

The consultation paper aims to assess if treatment under Solvency II is justified to reflect the adaptation measures in the NatCat standard formula module beyond the regular calibration of its parameters.

Key areas include risk sensitivity, materiality and proportionality.

The consultation paper guides stakeholders through the framework's sensitivity, materiality assessments, and potential options for dedicated treatment.

The consultation paper can be accessed here.

2.6 EIOPA guidelines and draft RTS for IRRD framework

On 16 February 2026, EIOPA published its first set of guidelines and draft regulatory technical standards (RTS) relating to the implementation of the Insurance Recovery and Resolution Directive ((EU) 2025/1) (IRRD).

The publications consisted of the following:

• A final report containing draft RTS on the content of group pre-emptive recovery plans. Access here.

• A final report containing draft RTS on criteria for pre-emptive recovery planning requirements and methods to be used when determining the market shares. Access here.

• A final report containing draft RTS on the content of resolution plans and group resolution plans. Accesshere.

• A final report and guidelines for identifying critical functions in the process of resolution planning. Access the report hereand the guidelines here.

• A final report and guidelines on the assessment of resolvability, providing a framework of elements to consider, while retaining discretion for resolution authorities to adjust the assessment. Access the report here and the guidelines here.

• A final report and guidelines on measures to remove impediments to resolvability and the circumstances in which each measure may be applied. Access the report hereand the guidelines here.

EIOPA consulted on the guidelines and RTS in April 2025. EIOPA has not changed the general approach it consulted on.

The draft RTS will be submitted to the European Commission for endorsement.

Member states are expected to apply measures implementing the IRRD from 30 January 2027.

2.7 Delegated Regulation amending Solvency II Delegated Regulation published in OJ

On 18 February 2026, Commission Delegated Regulation (EU) 2026/269, which amends Commission Delegated Regulation (EU) 2015/35 (Solvency II Delegated Regulation), was published in the Official Journal of the European Union.

The delegated Regulation will enter into force on 10 March 2026. It will apply from 30 January 2027.

The Solvency II Delegated Regulation supplements the Solvency II Directive, which has been amended by Directive (EU) 2025/2 (Solvency II Amending Directive)

The Delegated Regulation can be accessed here.

2.8 EIOPA publishes guidelines related to implementation of the IRRD

On 16 February 2026, European Insurance and Occupational Pensions Authority (EIOPA) published three key guidelines related to the implementation of the Insurance Recovery and Resolution Directive (IRRD).

Under the IRRD, EIOPA is mandated to develop guidelines for the application of recovery and resolution frameworks.

The guidelines are as follows:

• Guidelines on the criteria for the identification of critical functions- Disruption of criteria would negatively affect policyholders, beneficiaries and the broader economy. The final report can be accessed here.

• Guidelines on further details on the measures to remove impediments to resolvability and the circumstances in which each measure may be applied - Outlining alternative measures that resolution authorities may take to address or remove impediments to the resolvability of the insurance or reinsurance undertakings or groups in their scope of resolution planning. The final report can be accessed here.

• Guidelines to specify further the matters and criteria for the assessment of the resolvability of undertakings or groups - Further specifying the criteria for the assessment of the resolvability of undertakings or groups. The final report can be accessed here.

3 CENTRAL BANK OF IRELAND

3.1 General Guidance on the Consumer Protection Code

On 24 March 2026, the Central Bank of Ireland’s (Central Bank) revised Consumer Protection Code (the “Revised CPC”) took effect following a 12-month implementation period. The Revised CPC was published by the Central Bank in March 2025.

The Revised CPC is made up of a number of components, including Standards for Business Regulations, Consumer Protection Regulations and Guidance.

The Revised CPC aims to:

• Modernise the Code to reflect how services are delivered in the digital world.

• Effectively incorporate how financial services are delivered in a digital world.

• Update protections in line with how consumers are accessing financial services today.

• Provide clarity and predictability for firms on their consumer protection obligations.

• Support consumers and firms in accessing and understanding the Code.

The Revised CPC can be accessed here.

3.2 Central Bank outlines supervisory priorities

On 26 February 2026, the Central Bank published its third Regulatory & Supervisory Outlook (Report) in which it outlines its supervisory priorities across the whole of the financial sector for next two years.

The report can be accessed here.

4 ANTI-MONEY LAUNDERING (AML) AND COUNTERING THE FINANCING OF TERRORISM (CFT)

4.1 EBA and AMLA complete handover of AML/CFT mandates

On 1 January 2026, a press release was issued by the European Banking Authority (EBA) and EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) announcing the completed transfer of all AML/CFT mandates and functions from EBA to AMLA. 

Under the new framework AMLA will:

• complete the EU’s Single Rulebook.

• advance supervisory convergence.

• co-ordinate the work of FIUs.

The EBA and AMLA will continue to work together to ensure a coherent framework is maintained. A formal ESAs-AMLA Memorandum of Understanding has been put in place to allow for smooth information exchange, joint initiatives and engagement with the private sector.

All existing EBA AML/CFT guidelines and standards will remain in force until replaced by AMLA to guarantee regulatory continuity for industry and supervisors.

The press release can be accessed here.

4.2 AMLA consults on draft RTS on pecuniary sanctions, administrative measures and periodic penalty payments

On 9 February 2026, AMLA published a consultation paper on draft regulatory technical standards (RTS) on pecuniary sanctions, administrative measures and periodic penalty payments under the Sixth Money Laundering Directive^{6 (}MLD6).

The AMLA public consultation closed on 9 March 2026. AMLA is currently analysing feedback and preparing the final draft RTS. The text of these draft RTS has remained largely unchanged from the version submitted by the EBA in its response to the Call for Advice⁷. AMLA is expected to submit the final draft versions of the RTS to the European Commission for adoption by 10 July 2026.

The consultation paper can be accessed here.

4.3 AMLA consults on draft RTS on customer due diligence (CDD)

On 9 February 2026, AMLA published a consultation paper on customer due diligence (CDD) under Article 28(1) of the AML Regulation⁸. The draft aims to harmonise the way AML and CFT requirements are applied in the EU.

The AMLA public consultation will end on 8 May 2026. AMLA is expected to submit the final draft version of the RTS to the European Commission for adoption by 10 July 2026.

The consultation paper can be accessed here. 

4.4 AMLA consults on draft RTS on criteria for identifying business relationships, occasional and linked transactions and lower thresholds

On 9 February 2026, AMLA published a consultation paper on the criteria for identifying business relationships, occasional and linked transactions and lower thresholdsunder Article 19(9) of the AML Regulation. The draft aims to harmonise the way AML and CFT requirements are applied in the EU.

The AMLA public consultation will end on 8 May 2026.AMLA is expected to submit the final draft version of the RTS to the European Commission for adoption by 10 July 2026.

A copy of the consultation can be accessed here.

4.5 Final Report on the draft RTS on the inherent and residual risk profile of obliged entities

On the 27 February 2026, AMLA published the Final Report on the RTS on the assessment of the inherent and residual risk profile of obliged entities under Article 40(2) of MLD6.

The draft RTS establishes a common methodology for supervisors to assess: (i) inherent ML/TF risk; (ii) quality of AML/CFT controls; and (iii) residual ML/TF risk of financial‑sector obliged entities. The draft RTS reflects the feedback received during a three-month public consultation on a version of the draft RTS, which took place between March and June 2025.

To address the current fragmentation to entity-level ML/TF risk assessment, the draft RTS introduces a risk-based methodology that is fully harmonised. The draft RTS applies to national competent authorities (NCAs) and to financial sector obliged entities.

The draft RTS will be submitted to the European Commission for adoption before being published in the OJ.

The Final Report can be accessed here.

4.6 AMLA launches data collection exercise to test risk assessment models for financial sector

On 16 March 2026 AMLA published a reporting package for its data collection exercise to test and calibrate risk assessment models for the financial sector.

The exercise tests and calibrates AMLA’s risk assessment models to:

• Inform the selection of up to 40 obliged entities (operating cross-border) for AMLA’s direct supervision beginning in 2028.

• Ensure the money laundering risks of credit institutions and financial institutions are assessed consistently by supervisors across the EU.

Participating financial institutions have already been notified by their national supervisors. Participating entities are requested to submit their data by 22 April 2026.

The exercise will enable AMLA to collect high quality data from the private sector which will contribute to the development of a common EU-wide risk assessment methodology.

The press release can be accessedhere.

5 DORA

5.1 Guide to Submitting DORA Registers of Information on the Central Bank of Ireland Portal

On the 19 February 2026, the Central Bank of Ireland (Central Bank) published a guide to submitting DORA Registers of Information on the Central Bank of Ireland Portal.

This document provides systems guidance for financial entities subject to DORA in relation to submitting Registers of Information on the Portal.

The guidance should be read in conjunction with other relevant documentation and legislative texts concerning DORA Registers of Information. The guidance also provides examples of successful and unsuccessful submissions of Registers of Information.

The Guide can be accessed here.

6 EMIR

6.1 RTS on conditions of Active Account Requirement under EMIR 3.0 published in OJ

On 6 February 2026, Commission Delegated Regulation (EU) 2026/305 containing regulatory technical standards on the active account requirement (AAR) and the representativeness obligation under EMIR 3.0[9] (the AAR RTS) was published in the OJ.

The AAR RTS lay down uniform minimum standards that apply to all counterparties.

The AAR RTS specifies the operational conditions that must be met to demonstrate that an active account at an EU CCP is permanently functional as required under Article 7a(3) of EMIR[10]. It also specifies how counterparties that are subject to the representativeness obligation must comply with Article 7a(3)(d) EMIR.

The RTS requires counterparties to report, on a periodic basis, information enabling NCAs to assess:

• compliance with the operational conditions, including the completion of stress testing at least annually;

• compliance with the representativeness obligation, where applicable; and

• relevant clearing activity and exposures.

The RTS establishes:

• bi‑annual reporting to NCAs;

• the use of standardised templates, which are set out in Annex II (operational conditions) and Annex III (representativeness and activity data).

The AAR RTS entered into force on 26 February 2026 (20 days after publication in the OJ).

The AAR RTS can be accessed here.

6.2 ESMA publishes Supervisory Briefing on the representativeness obligation

On 20 February 2026, ESMA published a supervisory briefing on the representativeness obligation which forms part of the AAR under EU EMIR 3.0.

The supervisory briefing helps to clarify how aspects of compliance with the representativeness obligation should be performed and reported by in-scope counterparties in accordance with EU EMIR and the AAR RTS.

The supervisory briefing:

• identifies the most relevant subcategories

• outline reporting on the representativeness compliance

• provides a worked example of compliance

The ESMA press release and supervisory briefing can be accessed here.

6.3 ESMA publishes a Final Report setting out new clearing thresholds under EMIR 3.0

On 25 February 2026, ESMA published its final report and draft RTS setting out new and revised clearing thresholds (CTs) under EMIR 3.0.

The draft RTS seeks to amend Delegated Regulation (EU) No 149/2013 which sets out the currently existing clearing thresholds for OTC derivatives; and how those thresholds must be calculated by counterparties, for the purposes of Articles 4a (financial counterparties (FCs)) and 10 (non‑financial counterparties (NFCs)) of EMIR.

To avoid unnecessary complexity and additional compliance burdens, ESMA has:

• retained five CTs categories, avoiding additional categories or more granular thresholds.

• clarified the timing of calculation of positions (allowing counterparties to apply the new CTs during their usual assessment window or earlier) and transition mechanics.

• increased the thresholds in the commodity, interest rate and credit derivatives asset classes compared to what was previously proposed in the consultation paper in April 2025.

ESMA has submitted the final draft RTS to the European Commission for endorsement, following which they will be subject to adoption. The revised clearing‑threshold regime will apply 20 days after the adopted RTS are published in the OJ.

The final report can be accessed here.

6.4 ESMA consults on draft RTS on post-trade risk reduction services under EMIR

On 26 February 2026, ESMA published a consultation paper on draft regulatory technical standards (RTS) relating to requirements for post-trade risk reduction (PTRR) services for the purpose of the clearing obligation exemption under EMIR.

Article 4b of EMIR contains a conditional exemption from the clearing obligation exemption for transactions resulting from PTRR services subject to certain requirements. ESMA is mandated under EMIR to draft RTS specifying the requirements for benefitting from the PTTR exemption.

The proposed draft RTS contains provisions on the:

• requirements for the different types of PTRR services that can benefit from the exemption;

• requirements for PTRR exercises;

• operating conditions for the PTRR service providers; and

• process for competent authorities to monitor the application of the PTRR exemption.

The deadline for responses was 20 April 2026. ESMA expects to publish a final report on the RTS and submit them to the European Commission for endorsement in Q4 2026.

The consultation paper can be accessed here.

7 DATA PROTECTION

7.1 FAQ on EU-U.S. Data Privacy Framework for European businesses (Version 2.0) adopted

On 15 January 2026, the European Data Protection Board adopted Version 2.0 of the EU-U.S. Data Privacy Framework - F.A.Q. for European businesses.

The EU-U.S. Data Privacy Framework (DPF) is a self-certification mechanism for companies in the U.S. Companies that opt to self-certify under the DPF must comply with the relevant rules and obligations related to the processing of personal data of EEA individuals.

The FAQ can be accessed here.

8 MISCELLANEOUS

8.1 IAIS roadmap for 2026-27

On 19 January 2026, the International Association of Insurance Supervisors (IAIS) published its roadmap for 2026-27, outlining its strategic priorities and workplan for the next two years.

Key areas of focus include:

• Addressing structural shifts in the life insurance sector.

• Finalising development of new insurance capital standard (ICS), with planned adoption in November 2026, applicable to internationally active insurance groups.

• Work on climate risks and natural catastrophe protection gaps.

• Adaptation to digital innovation and cyber risks.

• Supporting consistent implementation of global standards.

The roadmap includes a calendar of publications and actions towards the end (see page 13).

The roadmap can be accessed here.

Footnotes

1 Directive (EU) 2013/36 (CRD)

2 Directive (EU) 2009/138 (Solvency II)

3 Directive (EU) 2025/1 (IRRD)

4 Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/208

5 Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector

6 Directive (EU) 2024/1640) (MLD6)

7 EBA Response to the European Commission’s Call for Advice on six AMLA mandates

8 Regulation (EU) 2024/1624 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (AML Regulation or Single Rulebook)

9 Regulation (EU) 2024/2987 of the European Parliament and of the Council of 27 November 2024 amending Regulation (EU) No 648/2012 (EMIR), Regulation (EU) No 575/2013 (CRR) and Regulation (EU) 2017/1131 (MMF Regulation) as regards measures to mitigate excessive exposures to third‑country CCPs and improve the efficiency of Union clearing markets (EMIR 3.0)

10 Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR), as revised by EMIR 3.0