The European Union Insurance and Occupational Pensions Authority (EIOPA) proposed in its technical advice report to the European Union Commission on March 27 that insurers be required to maintain funds equal to the value of their cryptocurrency holdings as a measure to reduce policyholder risk. The proposed standard is much stricter than other asset classes, such as equities and real estate, which do not even need to have half the funding requirements. In a separate statement, EIOPA said: "Given the inherent risks and high volatility of these assets, a 100% discount for crypto assets in the standard formula is prudent and appropriate". In addition, EIOPA noted that this measure will fill the regulatory gap between the Capital Requirements Regulation and the Crypto Asset Markets Regulation (MiCA), as the current regulatory framework for insurers in the European Union lacks specific provisions on crypto assets.