(c)

the following paragraphs are inserted: ‘2b. Member States shall ensure that insurance and reinsurance undertakings develop and monitor the implementation of specific plans that include quantifiable targets and processes to monitor and address the financial risks arising in the short, medium, and long term from sustainability factors, including those arising from the process of adjustment and from transition trends in the context of the relevant Union and Member State regulatory objectives and legal acts in relation to sustainability factors, in particular those set out in Regulation (EU) 2021/1119 of the European Parliament and of the Council (*9). The quantifiable targets and processes to address the sustainability risks included in the plans referred to in the first subparagraph of this paragraph shall consider the latest reports and measures prescribed by the European Scientific Advisory Board on Climate Change, in particular in relation to the achievement of the climate targets of the Union. Where the undertaking discloses information on sustainability matters in accordance with Directive 2013/34/EU, the plans referred to in the first subparagraph of this paragraph shall be consistent with the plans referred to in Article 19a or Article 29a of that Directive and shall in particular include actions with regard to the business model and strategy of the undertaking that are consistent across both plans. Where relevant, the methodologies and assumptions sustaining the targets, the commitments and strategic decisions disclosed by undertakings to the public shall be consistent with the methodologies and assumptions included in the plans referred to in the first subparagraph of this paragraph. The targets, processes and actions to address the sustainability risks included in the plans referred to in the first subparagraph of this paragraph shall be proportionate to the nature, scale, and complexity of the sustainability risks of the business model of the insurance and reinsurance undertakings, in accordance with Article 29(3). 2c. In order to ensure consistent application of this Article, EIOPA shall develop draft regulatory technical standards to further specify: EIOPA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 29 January 2026. Power is conferred on the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1094/2010. 2d. The undertaking shall disclose on an annual basis the quantifiable targets included in the plans referred to in paragraphs 2b and 2e. 2e. Where a participating insurance or reinsurance undertaking, insurance holding company or mixed financial holding company which has its head office in the Union is required to draw up a plan in accordance with paragraph 2b of this Article at the level of the group, Member States shall ensure that insurance and reinsurance subsidiaries which are covered by that plan and in the scope of group supervision in accordance with Article 213(2), points (a) and (b), are exempted from drawing up a plan at individual level in accordance with paragraph 2b of this Article. (*9) Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (“European Climate Law”) (OJ L 243, 9.7.2021, p. 1).’;" the minimum standards and reference methodologies for the identification, measurement, management and monitoring of sustainability risks; the elements to be covered in the plans to be prepared in accordance with paragraphs 2b and 2e of this Article, which shall include specific timelines and intermediate quantifiable targets and milestones, in order to monitor and address the financial risks arising from sustainability factors, as well as the interlinkages with the requirements laid down in Articles 45 and 45a; supervisory approaches in relation to the plans, quantifiable targets and processes referred to in paragraphs 2b and 2e; the elements of the plans referred to in paragraphs 2b and 2e of this Article to be disclosed, including the relevant quantifiable targets, in accordance with Article 51.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-14 · Text as adopted (Official Journal); later amendments are not incorporated in this text.