The European Commission announced on 20 September that it will reinforce the governance and powers of the European Insurance and Occupational Pensions Authority (EIOPA) as part of a set of reforms within the framework of the Capital Markets Union. The European Parliament and the Council will now discuss the proposal.
EIOPA will be equipped with new coordination powers over the day-to-day supervision by national insurance supervisor. The annual work programmes of each supervisor will be assessed against the ‘Strategic Supervisory Plans’ set by EIOPA. The objective is to converge towards a harmonised prudential supervision of insurers in the EU.
FERMA holds a seat within the insurance and reinsurance stakeholder group of EIOPA to represent the interests of risk management professional associations, notably for the corporate insurance buyers’ perspective.
EIOPA is one of the three European supervisory agencies created in the aftermath of the 2008 global financial crisis, along with the EBA for the banking sector and ESMA for the financial markets.
Proposal for a directive – Review of the European Supervisory Authorities