European Insurance and Occupational Pensions Authority (EIOPA) - (Decentralised Agencies)
Description Go to funding source website
Decentralised agencies contribute to the implementation of EU policies. They also support cooperation between the EU and national governments by pooling technical and specialist expertise from both the EU institutions and national authorities. Decentralised agencies are set up for an indefinite period and are located across the EU.
Role: EIOPA is the European supervisory authority for occupational pensions and insurance
Chair: Gabriel Bernardino
Executive Director: Fausto Parente
Members: Representatives of national insurance and occupational pensions authorities
Established in: 2011
Number of staff: 140
Location: Frankfurt am Main (Germany)
EIOPA is part of the European System of Financial Supervision. It is an independent body providing advice to the European Commission, the European Parliament and the Council of the European Union.
What it does
EIOPA is responsible for:
- helping keep the financial system stable
- ensuring markets and financial products are transparent
- helping protect insurance policyholders, pension scheme members and beneficiaries.
The European System of Financial Supervision comprises:
- European supervisory authorities
- national supervisory authorities
It links financial oversight at systemic and firm level. This leaves day-to-day supervision to the national authorities.
EIOPA’s management structure includes:
- The Board of Supervisors. This is EIOPA’s principal decision making organ and is made up of:
- EIOPA’s chairperson, appointed by the Board of Supervisors and confirmed by the European Parliament
- voting members (the relevant authority in each EU country)
- observers: representatives of the European Commission, the European Systemic Risk Board, the European Banking Authority and the European Securities and Markets Authority.
- The Management Board, which ensures that EIOPA performs its assigned duties. It comprises:
- EIOPA’s chairperson;
- 6 representatives of national supervisory authorities;
- Commission representatives.
- The Executive Director, responsible for EIOPA's day-to-day management.
The Joint Committee of European Supervisory Authorities coordinates the activities of the European Supervisory Agencies (ESAs) and their policies on financial conglomerates and other cross-sectoral issues.
EIOPA’s Board of Appeal gives parties the right to appeal against decisions taken by ESAs. It is a joint body of ESAs that is independent of their administrative and regulatory structures. The Board has 6 members and 6 stand-ins.
How it works
EIOPA works with experts from national competent authorities in committees, task forces and panels in the following areas:
- financial stability
- consumer protection
The outcome of this work is approved by the Board of Supervisors.
- increased transparency, simplicity, accessibility and fairness across the internal market for pensions and insurance
- consumer representatives can voice their opinions in EIOPA working groups.
- high-quality, efficient and consistent supervision of EU insurers and occupational pensions
- EIOPA helps identify, assess, mitigate and manage risks and threats to the financial stability of the insurance and occupational pensions sectors
- Industry representatives can voice their opinions in EIOPA working groups and stakeholder groups.