EIOPA Publishes Report on Oversight Activities in 2017
EIOPA published a report on its oversight activities in 2017. The report, which is addressed to the European Parliament, describes the activities of EIOPA during the year, explains its approach to oversight, and outlines the priorities for 2018. The report highlights that cooperation platforms of EIOPA proved beneficial in addressing cross-border issues.
EIOPA supports national supervisory authorities to deliver high-quality effective supervision and to oversee the level playing field and appropriate application of supervisory measures in EU. EIOPA primarily achieves this objective through close cooperation and open dialog with national supervisory authorities. EIOPA has developed a number of tools to facilitate productive engagement with national supervisors and to strengthen their supervisory capacity. These tools range from structured bilateral engagements, peer reviews, and balance sheet reviews to consistency projects, participation in cross-border colleges of supervisors, and setting up cooperation platforms with the national supervisory authorities. Following are the key oversight activities of EIOPA during 2017:
- Publishing of the final report on a balance sheet review of the Bulgarian insurance sector and an assets review of its pension fund
- Issuance of supervisory opinions on the withdrawal of UK from the EU; the service continuity in insurance in context of Brexit; and the internal models during a dynamic volatility adjustment
- Conducting of consistency projects on internal models (including a market and credit risk benchmarking study) and on modeling of dynamic volatility
- Participation in 49 cross-border colleges and 14 colleges on internal models
- Launch of nine cooperation platforms
- Engagement with 12 national supervisory authorities and technical assistance to one national supervisory authority
- Independent bilateral engagement in relation to one undertaking that entered into winding-up proceedings
- Various peer reviews
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Keywords: Europe, EU, Insurance, Solvency II, Oversight Activities, Internal Models, Priorities, EIOPA
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