欧元区：发布金融部门评估计划文件——保险微观和宏观审慎监管技术说明（英）

EURO AREA PUBLICATION OF FINANCIAL SECTOR ASSESSMENTPROGRAM DOCUMENTATION—TECHNICAL NOTE ONINSURANCE MICRO ANDMACROPRUDENTIALSUPERVISION This paperonInsurance Micro and Macroprudential Supervisionwas prepared by a staffteam of the International Monetary Fund. It is based on the information available at thetime it was completedon July3, 2025. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. EURO AREA FINANCIAL SECTORASSESSMENTPROGRAM TECHNICAL NOTE INSURANCE MICRO AND MACROPRUDENTIALSUPERVISION This Technical Note was prepared by IMF staff inthe context of the Financial Sector AssessmentProgram (FSAP)intheeuroarea. The notecontains the technical analysis and detailedinformation underpinning theFSAP findingsandrecommendations.Further information on theFSAP program can be found athttp://www.imf.org/external/np/fsap/fssa.aspx. Prepared ByMonetary and Capital MarketsDepartment, IMF CONTENTS Glossary__________________________________________________________________________________________4 EXECUTIVE SUMMARY__________________________________________________________________________6 INTRODUCTION________________________________________________________________________________11 MARKETSTRUCTURE AND RISKS______________________________________________________________11 A. Market Structure______________________________________________________________________________11B. Risks and Vulnerabilities of the Insurance Sector______________________________________________19 A. EU Insurance Regulation Architecture_________________________________________________________25B. Solvency II Review____________________________________________________________________________28C. Insurance Recovery and Resolution Directive (IRRD)__________________________________________30D. Proposal for EU Retail Investment Strategy (RIS)______________________________________________32E. Digital Operational Resilience Act_____________________________________________________________34F. Overall Impact of Reforms____________________________________________________________________36 INSURANCE MICROPRUDENTIAL SUPERVISION_____________________________________________36 A. Role of EIOPA and NCAs______________________________________________________________________36B. EIOPA Supervisory Resources and Capacity___________________________________________________37C. Supervisory Convergence_____________________________________________________________________40D. Supervision of Market Conduct Risks_________________________________________________________47E. Climate Risk Supervision and Regulation______________________________________________________50 MACROPRUDENTIAL SUPERVISION___________________________________________________________59 A. Systemic Risk Assessment____________________________________________________________________59B. Insurance Risk Dashboard_____________________________________________________________________60C. Coordination of Macroprudential Surveillance________________________________________________61D. EU-Wide Stress Tests_________________________________________________________________________61E. Solvency II Review–Macroprudential Toolkit_________________________________________________63 BOX 1. EIOPA Protection Gaps Dashboard—Current and Historical Views____________________________58 FIGURES 1. Insurance Penetration and Number of Undertakings__________________________________________122. Selected Statistics for Insurance Groups______________________________________________________133. Insurer Growth________________________________________________________________________________144. Non-Life Insurance concentration_____________________________________________________________155. Life Insurance Concentration__________________________________________________________________166. Direct Cross-Border Premiums in the EEA by Host Country___________________________________177. Direct Cross-Border Premiums by Home Country_____________________________________________179. Investments interconnectedness with Banks__________________________________________________1810. EIOPA Risk Dashboard–October 2024______________________________________________________1911. Lapse rate____________________________________________________________________________________2112. Liquid Assets_________________________________________________________________________________2213. Materiality of EFPITP and LACDT_____________________________________________________________2414. EIOPA Organization Chart___________________________________________________________________3715. EIOPA Staffing_______________________________________________________________________________38 TABLE 1. Recommendations on Insurance Micro andMacropruden