On December 4, 2024, the European Insurance and Occupational Pensions Authority (EIOPA) released a Consultation Paper on the proposal for Regulatory Technical Standards (RTS) on management of sustainability risks including sustainability risk plans for comment by February 26. 

The IIF responded to the consultation through its Insurance Working Group. In its response, the IIF encourages EIOPA to reflect the following principles in the RTS through substantial changes that would also be designed to address the lack of alignment with Solvency II and other EU Directives, as well as considerable implementation challenges. Our response emphasizes several key principles that we believe should guide the development of the RTS standards:

• Simplify and reduce the extensive scope of ESG-related reporting requirements 
• Streamline, ensure consistency and avoid duplication of requirements 
• Align EU requirements as far as possible with other EU Directives such as CSRD and CSDDD