Established in 2011, the European Insurance and Occupational Pensions Authority is an institution that possesses financial regulatory functions, along with all other functions performed by its predecessor the Committee of European Insurance and Occupational Pensions Supervisors, designated as CEIOPS. The mission of EIOPA is to be a part of any insurance and reinsurance undertakings, resolve issues connected to institutions for occupational retirement provision and others.
EIOPA’s headquarters are located in Frankfurt am Main, Germany. They have 140 employed as staff, and the management and the hierarchical structure include both a board of supervisors (BOS), as well as a management board (MB). The BOS makes all principle decisions for the institution, while the BO makes sure that it performs all duties assigned to it. Both the BOS and MB are governed by the chairperson that is appointed by the BOS and validated by the European Parliament.
EIOPA takes part in many areas, with the help of all international authorities it works with. Those areas can include financial stability, pensions and insurance programs, consumer protection and oversight. In addition to being involved with native authorities of the Member States, EIOPA is also in constant partnership with the European Banking Authority (EBA) and as well as with the European Securities and Markets Authority (ESMA).
Benefits of EIOPA’s Existence
Consumer protection is one of the key major roles of the institution, gives people the ability to elect their representatives who can relay their opinions, concerns and interest via EIOPA’s working groups. Consumers also benefit from the institution’s work, by being able to utilize an accessible and fair market for insurance and pensions. In addition to an individual’s needs, EIOPA also protects the industry sector by evaluating, and managing risks that might put the insurance and occupational sectors in a threatening position.
Evolution of Duties
EIOPA was created because of the need for a bigger and better institution that would be able to handle a variety of specific tasks. In fact, it’s work is so important that it is a part of the European System of Financial Supervision, and the oversight EIOPA has, spans on an EU level. The institution itself has its own protocols regularly reviewed and updated, with accordance to any technological and market standards put forth by the EU.