European Insurance and Occupational Pensions Authority (EIOPA)

The European Insurance and Occupational Pensions Authority (EIOPA, external link), headquartered in Frankfurt am Main, was established by Regulation (EU) No 1094/2010 (external link) of the European Parliament and of the Council of 24 November 2010 and commenced its operations on 1 January 2011.

EIOPA’s main role is to contribute to the development of common standards and procedures for the regulation and supervision of insurance undertakings, reinsurance undertakings, financial conglomerates, institutions for occupational retirement provision and insurance intermediaries. It does so, among other things, by issuing opinions for EU institutions, preparing guidelines and recommendations, and drafting regulatory and implementing technical standards and recommendations for the European Commission for future measures. EIOPA also aims to ensure the consistent application of legally binding EU measures, promote a common supervisory culture, prevent regulatory arbitrage, mediate disputes between national supervisory authorities and take action in emergency situations. It also conducts peer reviews of national supervisory authorities’ activities, monitors and assesses market developments, evaluates risks within its remit and performs economic analyses of markets. EIOPA also contributes to the consistent and coherent functioning of supervisory colleges and to monitoring, assessing and measuring systemic risk. Its responsibilities include preparing and coordinating recovery and resolution plans and ensuring a high level of protection for policyholders and beneficiaries across the EU.

Membership in EIOPA is mandatory for supervisory authorities of EU Member States. The CNB appoints a member of the EIOPA Board of Supervisors and is also actively involved in the work of EIOPA’s standing committees, working groups, task forces and networks.