European Insurance and Occupational Pensions Authority (EIOPA)
The European Insurance and Occupational Pensions Authority (EIOPA) was established in consequence of the reforms to the structure of supervision of the financial sector in the European Union. The reform was initiated by the European Commission, following the recommendations of a Committee of Wise Men, chaired by Mr. de Larosière, and supported by the European Council and Parliament.
Before and during the financial crisis in 2007 and 2008, the European Parliament has called for a move towards more integrated European supervision in order to ensure a true level playing field for all actors at the level of the European Union and to reflect the increasing integration of financial markets in the Union. As a result, the supervisory framework was strengthened to reduce risk and severity of future financial crises. EIOPA is part of a European System of Financial Supervisors that comprises three European Supervisory Authorities, one for the banking sector, one for the securities sector and one for the insurance and occupational pensions sector, as well as the European Systemic Risk Board.
Its main objectives consist in:
◦ safeguarding the financial stability in the EU and ensure the integrity, efficiency and sound functioning of the financial markets;
◦ improving the protection of consumers, policyholders, pension schemes and their beneficiaries in order to win back their trust in the financial system;
◦ ensuring a high level of efficiency in the regulation and harmonising in a coherent manner the application of the rules for the financial institutions and markets across the European Union;
◦ taking into account the interests of all the Member States and the difference of their financial institutions;
◦ enhancing the supervision of crossborder groups;
◦ promoting a coordinated response from the European Union at the supervisory level; ◦ fostering the stability of the financial system;
◦ ensuring transpareny of the markets and of the financial products, supervise and identify their trends, prossible risks and vulnerabilities across the borders and across the sectors.See more