GFIA: EU must avoid creating barriers for third-country reinsurers

11 October 2023

In its consultation response, GFIA has expressed concern about the European Insurance and Occupational Pensions Authority (EIOPA)’s draft Supervisory Statement on the supervision of reinsurance concluded with third countries (re)insurance undertakings.

GFIA argues that the Statement could contravene reinsurance supervision best practises and lead to reciprocal restrictive measures in other jurisdictions. EIOPA should adopt a risk-based approach to supervision and avoid imposing blanket restrictions on cross-border reinsurance, which would undermine the global market by creating local barriers.

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