EIOPA is an independent advisory body to the European Commission, the European Parliament and the Council of the European Union. We are one of the EU agencies carrying out specific legal, technical or scientific tasks and giving evidence-based advice. In this way, we help shape informed policies and laws at EU and national levels. EIOPA is one of three European Supervisory Authorities. The other two are the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA).
Our mission is to protect the public interest. We do this by helping ensure the short-, medium- and long-term stability and effectiveness of the financial system for the EU’s economy, businesses and people.
We achieve our mission by promoting a sound regulatory framework for and consistent supervision of insurance and occupational pensions sectors in Europe. This protects the rights of policyholders, pension scheme members and beneficiaries. It also creates public confidence in the EU’s insurance and occupational pensions sectors.
Our main goals are:
- To improve consumer protection and rebuild trust in the financial system
- To ensure strong, effective and consistent regulation and supervision, taking account of the interests of all member states and the different nature of financial institutions
- To bring about more harmonised and consistent application of the rules for financial institutions and markets across the EU
- To strengthen the oversight of cross-border groups
- To promote coordinated supervisory responses from the EU
Work programme 2021 -2023
In 2021, COVID-19 crisis management, risk mitigation and active support to the recovery of the European economy will be the main focus for the future. A major priority will focus on digitalisation and sustainable finance, and contribute to consistent and high-quality supervision as well as the protection of consumers.
- Digitalisation and cyber insurance: To establish a supervisory approach that supports the benefits of digitalisation while maintaining protection for consumers. EIOPA will also promote a stable and sound cyber insurance market to enable the digital economy, and support the exchange of information on cyber security and cyber-attacks.
- Furthering the sustainable finance agenda: To foster supervisory convergence in the assessment of environmental social and governance (ESG) risks and promote standardised information to identify sustainable investments and ESG risks.
- Leading convergence towards high-quality prudential supervision throughout the EU: To employ our new tasks and powers and develop our existing tools to enhance the effectiveness of cooperation between Home and Host supervisors with regard to cross-border business. We will also advance our business intelligence and data analytics framework for the supervisory community.
- Driving forward conduct of business regulation and supervision: To strengthen the tools for monitoring and reporting consumer trends and conduct risks to ensure a risk-based approach to conduct supervision. EIOPA will also provide input into the review of both the IDD and PRIIPs frameworks.
- Pan European Pension Product: To assume the new role in registering PEPPs and overseeing their supervision.
- Strengthening the financial stability of the insurance and occupational pensions sectors: The challenging financial situation combined with an environment of high political risks necessitates increased risk monitoring at EU level. EIOPA will work to identify risks early and propose mitigating actions.
- Delivering EIOPA’s mandate effectively and efficiently: To undertake initiatives to ensure we maintain our engagement and remain responsive to the needs of our Members and the EU institutions, including through enhanced use of remote communication channels.