Insurance Quarterly Legal And Regulatory Update: 1 April 2026 - 30 June 2026

1 SOLVENCY II

1.1 Final report on revised ITS and guidelines on supervisory reporting and public disclosure

On 30 March 2026, EIOPA published a final report on a draft implementing technical standards (ITS) and guidelines on supervisory reporting and public disclosure supplementing the Solvency II Directive¹. They are as follows:

• ITS² on the templates by (re)insurance undertakings to their supervisory authorities of information which are necessary for their supervision;
• ITS³ on the procedures, formats and templates for the disclosure by (re)insurance undertakings of their report on their solvency and financial condition;
• Guidelines⁴ on reporting for financial stability purposes; and
• Guidelines⁵ on the supervision of branches of third-country insurance undertakings.

EIOPA consulted on the draft ITS and guidelines in July 2025.

The proposals reflect the reforms introduced by Solvency II Directive and aim to reduce the reporting burden for EU firms subject to these reforms.

The guidelines will apply from 30 January 2027. EIOPA has submitted the draft ITS to the European Commission for endorsement and intends for them to apply from the same date.

The final report can be accessed here.

1.2 Consultation on shortening guidelines

On 15 April 2026, EIOPA published a consultation paper on its proposals to shorten 13 sets of guidelines made under Solvency II.

The guidelines under review relate to various Pillar I topics and Pillar II areas such as the system of governance and (re)insurers' Own Risk and Solvency Assessment (ORSA).

This shortening exercise aims to reduce the guidelines length by at least 25% where possible. After shortening, national competent authorities (NCAs) will review and update national frameworks accordingly.

EIOPA notes the consultation paper has limited scope, focusing exclusively on shortening. The amendments are not intended to reduce supervisory expectations or provide new legal interpretation.

The consultation closed on 8 July 2026 and the revised guidelines will apply from 30 January 2027.

The consultation paper can be accessed here.

1.3 Use of risk mitigation techniques

On 15 April 2026, EIOPA published a consultation paper on a new annex to its opinion on the use of risk mitigation techniques by insurers and reinsurers under the Solvency II Directive.

The Solvency II Directive has led to an increased use of novel risk mitigation techniques in the EU. Since EIOPA published an opinion on the use of risk mitigation techniques in 2021, national supervisors have identified a range of reinsurance structures and features that require further guidance to ensure a consistent assessment of the effectiveness of risk transfer across the EU.

Comments could be made on the proposed guidance until 17 July 2026.

The final version of the guidance will form an annex to the 2021 opinion.

The consultation paper can be accessed here.

2 EIOPA

2.1 EIOPA outlines proposals clarifying application of the EU AI Act to insurance sector

On 14 April 2026, EIOPA published a letter outlining proposals to clarify how the EU AI Act⁶ applies to the EU insurance sector.

The letter highlights the following points:

• There is a potential risk of overlap and inconsistency when applying the EU AI Act alongside sectoral rules such as Solvency II, the Insurance Distribution Directive and the Digital Operational Resilience Act (DORA)⁷;
• There is a potential for inconsistent supervision if Member States designate authorities other than existing supervisors as market surveillance authorities;
• EIOPA proposes targeted drafting amendments to ensure the AI Act achieves its objectives without creating an unnecessary regulatory burden; and
• EIOPA calls for clarity on the definition of an “AI system” and what constitutes “high-risk” AI, particularly in insurance use cases such as pricing and risk assessment.

The key points in the letter were agreed at EIOPA’s Board of Supervisors meeting on 24 March 2026.

The letter can be accessed here.

2.2 Updated guidelines on exchange of information within supervisory colleges

On 20 April 2026, EIOPA published its final report on revised guidelines on the exchange of information within supervisory colleges under Solvency II.

A consultation on the guidelines was published by EIOPA in July 2025 and a feedback statement is contained in the Annex to the final report. No changes were made to the draft consultation.

The revisions align with EIOPA's objective of regulatory simplification and promote a systematic approach to information exchange within supervisory colleges. They improve upon the previous framework from 2015 by streamlining annexes and updating legal references to reflect the latest regulatory developments.

Since the revised guidelines do not provide new guidance, they are not expected to have a material impact on the insurance industry or supervisory authorities.

The guidelines will apply from 30 January 2027.

The final report can be accessed here.

2.3 Final reports on IRRD technical standards

On 24 April 2026 EIOPA published final reports on draft technical standards relating to the implementation of the Insurance Recovery and Resolution Directive (IRRD)⁸.

The final reports cover the following:

• Draft implementing standards (ITS) on resolution reporting, which specify procedures, templates and standard forms for insurers to provide information to resolution authorities, in order to enable and support the development and implementation of resolution plans⁹.
• Draft regulatory technical standards (RTS) which set out requirements on the establishment and operation of resolution colleges. These draft RTS include processes for joint decision making on group resolution plans, assessing resolvability and addressing impediments¹⁰.

EIOPA has submitted the draft technical standards to the European Commission for adoption and the technical standards are intended to apply from 30 January 2027. EIOPA previously consulted on these standards in July 2025.

The final report on the Implementing Technical Standards on procedures and a minimum set of standard forms and templates can be accessed here.

The final report on the proposal for Regulatory Technical Standards on Functioning of the Resolution College can be accessed here.

2.4 Draft technical advice on insurance guarantee scheme standards

On 5 May 2026, EIOPA published a consultation paper on its draft technical advice to the European Commission regarding minimum common standards for insurance guarantee schemes (IGSs) in the EU. This paper was prepared in response to a request from the European Commission under Article 98 of the IRRD.

The consultation covers the following areas in its draft advice:

• General questions on the impact and scope of harmonised IGSs;
• The operational functioning of IGSs;
• Conditions for effective funding of IGSs; and
• The interactions between the IRRD and harmonised IGSs.

In summary, the proposals aim to contribute to the development of minimum common standards for IGSs at EU level.

The deadline for responses was 26 June 2026, and EIOPA must submit its final technical advice to the European Commission by 31 August 2026.

The consultation paper can be accessed here.

2.5 EIOPA publishes annual report for 2025

On 12 June 2026, EIOPA published its annual report for 2025.

The annual report identifies the work carried out by EIOPA and outlines its accomplishments in the past year.

In accordance with the European Commission’s goals, EIOPA defines its approach to regulatory simplification and burden reduction. EIOPA advocates for the harmonisation of regulation across the EU as well as competent supervision at EU level.

The annual report can be accessed here.

2.6 EIOPA Q&As updated 14 June 2026

On 14 June 2026, EIOPA published an updated list of Q&As.

EIOPA’s Question and Answer process aims 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 application or implementation of the provisions of legislative acts¹¹.

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.

2.7 Peer review report on product oversight and governance

On 30 June 2026, EIOPA published a follow-up report on its peer review on product oversight and governance (POG).

The report assesses the implementation of POG by NCAs in EEA Member States between August 2023 and June 2025. EIOPA considered the progress made in the five areas of recommended actions:

• Organisation of POG supervision;
• Risk-based approach,
• Supervisory expectations;
• Supervisory methodologies and tools; and
• Supervisory activities.

Overall, the report concluded that NCAs have made significant advancements in progressing their risk-based frameworks. However, progress with regard to supervisory methodologies and organisational arrangements has been less reliable.

The remaining implementation gaps include supervisory frameworks still under development, weak internal guidance or lack of demonstration of supervisory tools. These gaps only apply to a small number of NCAs.

The follow-up report can be accessed here.

3 Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT)

3.1 AMLA consults on draft guidelines and RTS

On 17 April 2026, the EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) published two consultation papers under the AML Regulation¹² which is due to take effect from July 2027:

• A consultation paper on draft guidelines on business-wide risk assessment (BWRA). The guidelines set out minimum requirements for the BWRA and the additional sources of information to be taken into account when carrying out the BWRA. The consultation closes on 15 July 2026. The consultation can be accessed here.
• A consultation paper on draft regulatory technical standards (RTS) on group-wide requirements and on additional measures on branches and subsidiaries in third countries. The draft RTS address organisational aspects related to group-wide requirements and define provisions related to information sharing among entities of a group. The RTS also provides criteria for identifying the parent undertaking in the Union in cases of two or more obliged entities in the Union belonging to a head office in a third country. The RTS further extend group-wide requirements to structures other than groups and provides criteria to identify the parent undertaking in the Union in those cases. The consultation closed on 15 June 2026. The consultation paper can be accessed here.

3.2 AMLA consults on Home-Host Supervisory Cooperation

On 11 May 2026, AMLA published a consultation paper on draft regulatory technical standards (RTS) under MLD6¹³. The majority of the provisions of MLD6 are required to be transposed into national law by 10 July 2027. The RTS specify the duties of home and host supervisors and establish practical arrangements for co-operation between them. The proposed draft RTS combines foundational cooperation principles with specific provisions on

• information exchange, including obligations to share information on the supervisor’s own initiative and upon request, with specific content requirements;
• inquiries, setting out procedures for conducting or facilitating cross-border supervisory inquiries, including roles, timelines, and post-inquiry exchanges; and
• common approaches, enabling supervisors to, where necessary, agree on coordinated or joint supervisory activities.

The consultation paper can be accessed here.

3.3 AMLA consults on ongoing monitoring of business relationships

On 3 June 2026, AMLA published a consultation on draft guidelines setting out expectations for ongoing monitoring of business relationships and transaction activity.

The first part of the draft guidelines outlines expectations for keeping customer documents, data and information up to date, through both so called periodic and event‑driven reviews, applied in line with a risk‑based approach. It sets out the sources of information that may be used by obliged entities to update the CDD information and shares non exhaustive lists of information that obliged entities should consider and assess during periodic customer information reviews and event trigger reviews.

The second part of the draft guidelines clarifies how obliged entities should design, implement and test monitoring frameworks to detect unusual or suspicious transactions and activities. It sets out proportionate approaches, including the use of manual, automated or semi-automated processes and controls and, where appropriate, advanced analytical tools. The consultation will close on 3 September 2026.

The consultation paper can be accessed here.

4 DORA

4.1 Joint-ESA Report on major ICT-related incidents

On 3 June 2026, the European Supervisory Authorities (ESAs) published their first annual report under Article 22(2) of DORA¹⁴, analysing major ICT-related incidents reported across the EU financial sector in 2025. This report considers the number of these incidents and the sectors in which they occurred, the impact on clients, transactions and financial counterparties, remedial actions and the costs incurred.

A copy of the report can be accessed here.

5 Miscellaneous

5.1 Section 18(4) Consumer Insurance Contracts Act 2019 (CICA) commences

On 13 May 2026, Section 18(4) CICA commenced. The provision introduces the following measures:

• Protection for innocent co-insured where another co-insured causes damage to insured property through a criminal or intentional act;
• Limits on the application of exclusion clauses, so they only apply to the co-insured responsible, or those who abetted, colluded, consented or ought to have known;
• Provisions ensuring that a co-insured can only recover their proportionate interest in the damaged or lost property;
• Confirmation that exclusions relating to war, terrorism, nuclear attacks or cyberattacks remain unaffected; and
• Requirement for the benefitting co-insured to co-operate with the insurer, including a requirement to provide documentation or a statutory declaration where requested.

The text of the Act can be accessed here.

Please refer to our Dillon Eustace briefing paper entitled “Section 18(4) CICA Commenced: Impact on Co-Insured Claims” for further information, which can be accessed here.

5.2 Insurance (Disregard of Certain Medical History and Miscellaneous Provisions) Bill 2025

On the 18 February 2025, the Insurance (Disregard of Certain Medical History and Miscellaneous Provisions) Bill 2025 was initiated in Dáil Eireann. The Bill seeks to amend the Central Bank Act 1942 to introduce the following provisions:

• A prohibition on financial service providers, including assurance and insurance businesses, from discriminating against individuals on the basis of historical cancer treatment once they have been five years post-treatment;
• Protections for the privacy of cancer survivors by removing the requirement to disclose a cancer diagnosis in applications for financial services where they meet the five-year post treatment criterion; and
• Penalties for financial service providers who contravene these provisions.

The Bill has completed the Fifth Stage in Dáil and Seanad Éireann, meaning that it is currently waiting to be enacted into law.

The full bill text as amended in Select Committee of Dail Eireann on 27 May 2026 can be accessed here.

Footnotes

1. Directive 2009/138/EC

2. Regulation (EU) 2023/894

3. Regulation (EU) 2023/895

4. EIOPA Guidelines on Reporting for Financial Stability Purposes (2024)- Consolidated version (EIOPA-BoS-24/232, 1 August 2024)

5. EIOPA Guidelines on the Supervision of Branches of Third-Country Insurance Undertakings (EIOPA-BoS-15/110, 23 October 2015)

6. Regulation (EU) 2024/1689

7. Regulation (EU) 2022/2554

8. Directive (EU) 2025/1

9. EIOPA, Final Report on ITS on Resolution Reporting (EIOPA‑BoS‑26/040, 24 April 2026)

10. EIOPA, Final Report on RTS on the Functioning of Resolution Colleges (EIOPA‑BoS‑26/129, 24 April 2026)

11. As set out in Regulation (EU) No 1094/2010, which establishes EIOPA.

12. Regulation 2024/1624

13. Directive (EU) 2024/1640

14. Digital Operational Resilience Act (Regulation (EU) 2022/2554)