The 2008 financial crisis illustrated that the European Union (EU) was not yet adequately equipped to ensure effective cooperation and coordination between national financial supervisory bodies, or consistent application of the EU legal framework across all Member States. Three European Supervisory Authorities were established on 1 January 2011 to improve financial supervision at European level. One of them was the European Insurance and Occupational Pensions Authority (EIOPA). EIOPA’s main goals include ensuring an effective and consistent level of regulation and supervision across the EU, improving consumer protection, fighting systemic risks, rebuilding trust in the financial system, and strengthening the oversight of cross-border insurance groups.
Our audit will examine whether EIOPA effectively contributes to the supervision of and financial stability in the insurance sector. It will focus mainly on the two key areas of EIOPA’s activities, i.e. market supervision and stress testing, which underlie its objective of ensuring financial stability.
The auditors will use a range of information sources, including discussions with EIOPA and stakeholders, review of documents underlying EIOPA’ actions and two surveys.
Should you wish, you may contact the audit team at the following e-mail address: ECA-EIOPAemail@example.com.