Because the Solvency II revision is not expected to take effect until the end of 2026, it means that smaller insurers will have to incur significant and unnecessary costs to comply with DORA's cybersecurity requirements until then. That is why the European regulator EIOPA is calling on the European Commission to prevent this by adjusting the transition period of the revised Solvency II Directive in time.
The Association is a strong advocate of proportionality to prevent (smaller) insurers with a low risk profile from having to comply with the same requirements and procedures as more complex insurers. A good and justified call from EIOPA.
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