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DIRECTIVE (EU) 2019/2177 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 18 December 2019 amending Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), Directive 2014/65/EU on markets in financial instruments and Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money-laundering or terrorist financing (Text with EEA relevance) · European Union

(7) In view of increased cross-border insurance activities, it is necessary to enhance the convergent application of Union law in cases of cross-border insurance activity, especially at an early stage. For this purpose, information exchange and cooperation between supervisory authorities and the European Supervisory Authority (European Insurance and Occupational Pensions Authority) established by Regulation (EU) No 1094/2010 of the European Parliament and of the Council Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ L 331, 15.12.2010, p. 48). (EIOPA), should be strengthened. In particular, notification requirements in the case of significant cross-border insurance activity or a crisis situation, as well as conditions for setting up cooperation platforms, should be provided for where the envisaged cross-border insurance activity is significant. The significance of the cross-border insurance activity should be assessed in terms of the annual gross written premium subscribed in the host Member State compared to the total annual gross written premiums of the insurance company, in terms of the impact on the policyholder protection in the host Member State and in terms of the impact of the branch or activity of the respective insurance company on the market of the host Member State in terms of freedom to provide services. Cooperation platforms are an effective tool to achieve stronger and timely cooperation between supervisory authorities and thus to enhance consumer protection. However, authorisation, supervision and enforcement decisions are and remain within the competence of the supervisory authority of the home Member State.

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Source: EUR-Lex (Cellar) · retrieved 2026-09-25 · Text as adopted (Official Journal); later amendments are not incorporated in this text.