On Thursday 15 November 2018, the European Court of Auditors (ECA) will publish a special report on EIOPA and the effective insurance and pensions supervision in the EU.
ABOUT THE AUDIT
The auditors assessed whether EIOPA’s actions ensured convergence between national insurance supervisory systems in the EU, and whether EIPOA’s resources and governance are adequate.
The report is expected to single out EIOPA’s analysis to ensure consistent supervision among national authorities. The auditors are also expected to point out weaknesses and problems regarding notably the supervision of cross-border insurance business, the 2016 EU-wide Insurance Stress Test and EIOPA’s own governance and resources. They will make a number of recommendations that can be taken on board in the ongoing review of European Supervisory Authorities.
ABOUT THE TOPIC
The European System of Financial Supervision comprises three European Supervisory Authorities: the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA), as well as the European Systemic Risk Board (ESRB).
EIOPA was established in 2011. It acts as an independent advisory body to the European Commission, the Parliament and the Council. Its responsibilities within the European insurance market come under four broad categories: regulation, supervision and supervisory convergence, financial stability, and consumer protection.
The ECA’s special reports set out the results of its audits of EU policies and programmes or management topics related to specific budgetary areas. The ECA selects and designs these audit tasks to be of maximum impact by considering the risks to performance or compliance, the level of income or spending involved, forthcoming developments and political and public interest.