The European Insurance and Occupational Pensions Authority (EIOPA) has submitted its technical advice to the European Commission on minimum common standards for insurance guarantee schemes (IGS) in the European Union. The advice provides details on how to develop a targeted harmonisation of IGS. It focuses on specific policy areas requested by the European Commission in its Call for Advice and provides a balanced overview of where common standards are needed and where national flexibility should be preserved.

EIOPA recommends a gradual and proportionate harmonization of minimum common IGS standards, while allowing Member States to maintain national specificities. The aim is to strengthen policyholder protection, support the Single Market and ensure effective implementation of the Insurance Recovery and Resolution Directive (IRRD).