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.