No need for new initiatives regarding further powers for EIOPA

Insurance Europe has published its response to a consultation by the European Commission on supervisory convergence and the single rulebook.

A well-functioning European Insurance and Occupational Pensions Authority (EIOPA) is a crucial element of an effective and efficient single market for insurance, and Insurance Europe supports its work.

The European Supervisory Authorities (ESAs) regulation recently went through a review, which already provided for some new powers for EIOPA. The only area where there is evidence to justify any further consideration of powers is to ensure an appropriate cooperation and communication between national supervisory authorities regarding cross-border business. However, changes to address this issue are already being examined as part of the review of Solvency II.

There is no need for any new initiatives regarding further powers for EIOPA. It is key that EIOPA focuses its resources on its core mandate and makes use of its existing powers to further integrate the single market, increase supervisory convergence and ensure fair competition and consistent consumer protection.