ARTICLE
12 October 2022

EIOPA: Supervisory Statement On Exclusions In Insurance Products Related To Risks Arising From Systemic Events

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Ganado Advocates

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Ganado Advocates is a leading commercial law firm with a particular focus on the corporate, financial services and maritime/aviation sectors, predominantly servicing international clients doing business through Malta. The firm also promotes other areas such as tax, pensions, intellectual property, employment and litigation.
EIOPA published a supervisory statement which aims to promote supervisory convergence on the treatment of exclusions relating to risks arising from systemic events in insurance contracts.
European Union Insurance

EIOPA published a supervisory statement which aims to promote supervisory convergence on the treatment of exclusions relating to risks arising from systemic events in insurance contracts. This statement is of general application and also covers issues, inter alia, identified in the COVID-19 pandemic and issues emerging in relation to the current invasion of Ukraine by Russian forces.

Consequently, the statement seeks to ensure that the interests of existing and prospective policyholders are duly taken into account when products are developed or revised or when events casting doubt on the scope of the coverage materialise.

The Supervisory Statement can be accessed here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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