Building a common supervisory culture is a strategic goal of the European Insurance and Occupational Pensions Authority (EIOPA).
What is a common view of key characteristics?
A common supervisory culture is one where there is 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 of a common supervisory culture?
- 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.
- Policyholders and beneficiaries have a similar level of protection wherever they are based in Europe.
EIOPA therefore plays an active role in building a common European Union supervisory culture and consistent supervisory practices as well as in ensuring procedures and consistent approaches throughout the EU. The Authority contributes to developing uniform supervisory standards and reviews their application; and provides opinions to national supervisors.