What is a common supervisory culture?
Building a common supervisory culture is a strategic goal of EIOPA.
A common supervisory culture entails a common understanding of the way supervisors think, behave and work within their community. The culture manifests itself in processes, procedures and behaviours. Everybody involved should agree on supervisory objectives and a common view of the key characteristics of high-quality and effective supervision.
What are the benefits?
EIOPA actively promotes a common supervisory culture and consistent supervisory practices across Europe to ensure a high, effective and consistent level of supervision.
- Policyholders and beneficiaries receive a similar level of protection wherever they are based in Europe, regardless of the location of the insurance undertaking’s head office.
- Insurance providers act honestly, fairly and professionally in the best interests of policyholders and beneficiaries
- Laws and regulations are interpreted in the same way across Europe
Key characteristics of high-quality and effective supervision
Who is involved in developing the culture?
To promote supervisory convergence, EIOPA works closely with national supervisory authorities in each member state, who are with insurance and pensions providers.
Which tools are needed?