Ensuring a suitable supervisory landscape
Following the financial crisis, policymakers created the European financial supervisory authorities (ESAs) to reinforce the supervision of Europe’s financial services industries, so that consumers are adequately protected.
The ESA responsible for the insurance industry, the European Insurance and Occupational Pensions Authority (EIOPA), has achieved many things. These include taking steps towards better convergence of supervisory practices and playing a leading role in developing the forthcoming Solvency II regulatory regime. Nonetheless, opportunities exist for improvements that will enable insurers to compete fairly, innovate and grow, while protecting and safeguarding consumers’ interests.
This is why Insurance Europe will be engaging with policymakers in the planned review of the ESAs, to ensure that EIOPA continues to operate as intended and provide value to consumers.