IMF-欧元区：发布金融部门评估计划文件——保险微观和宏观审慎监管技术说明（英）

© 2025 International Monetary Fund IMF Country Report No. 25/208 EURO AREA PUBLICATION OF FINANCIAL SECTOR ASSESSMENT PROGRAM DOCUMENTATION—TECHNICAL NOTE ON INSURANCE MICRO AND MACROPRUDENTIAL SUPERVISION This paper on Insurance Micro and Macroprudential Supervision was prepared by a staff team of the International Monetary Fund. It is based on the information available at the time it was completed on July 3, 2025. Copies of this report are available to the public from International Monetary Fund • Publication Services PO Box 92780 • Washington, D.C. 20090 Telephone: (202) 623-7430 • Fax: (202) 623-7201 E-mail: publications@imf.org Web: http://www.imf.org International Monetary Fund Washington, D.C. July 2025 EURO AREA FINANCIAL SECTOR ASSESSMENT PROGRAM TECHNICAL NOTE INSURANCE MICRO AND MACROPRUDENTIAL SUPERVISION Prepared By Monetary and Capital Markets Department, IMF This Technical Note was prepared by IMF staff in the context of the Financial Sector Assessment Program (FSAP) in the euro area. The note contains the technical analysis and detailed information underpinning the FSAP findings and recommendations. Further information on the FSAP program can be found at http://www.imf.org/external/np/fsap/fssa.aspx. July 3, 2025 EURO AREA 2 INTERNATIONAL MONETARY FUND CONTENTS Glossary __________________________________________________________________________________________ 4 EXECUTIVE SUMMARY __________________________________________________________________________ 6 INTRODUCTION ________________________________________________________________________________ 11 MARKET STRUCTURE AND RISKS ______________________________________________________________ 11 A. Market Structure ______________________________________________________________________________ 11 B. Risks and Vulnerabilities of the Insurance Sector ______________________________________________ 19 INSURANCE SECTOR REGULATION ____________________________________________________________ 25 A. EU Insurance Regulation Architecture _________________________________________________________ 25 B. Solvency II Review ____________________________________________________________________________ 28 C. Insurance Recovery and Resolution Directive (IRRD) __________________________________________ 30 D. Proposal for EU Retail Investment Strategy (RIS) ______________________________________________ 32 E. Digital Operational Resilience Act _____________________________________________________________ 34 F. Overall Impact of Reforms ____________________________________________________________________ 36 INSURANCE MICROPRUDENTIAL SUPERVISION _____________________________________________ 36 A. Role of EIOPA and NCAs ______________________________________________________________________ 36 B. EIOPA Supervisory Resources and Capacity ___________________________________________________ 37 C. Supervisory Convergence ______________________________________________________________