As of 1 January 2011, EIOPA has been a member of each college of insurance supervisors. EIOPA will participate in colleges as an active Member with the following main tasks:
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Contribute to promoting and monitoring the efficient, effective and consistent functioning of the Colleges
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Foster the coherence of application of the Union Law among Colleges
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With the objective of converging supervisory best practices, participate in activities of Colleges including on-site examinations, carried out jointly by two or more competent authorities
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Ensure a consistent and coherent functioning of Colleges of cross-border institutions across the European Union, taking into account of the systemic risk posed by financial institution
National Competent Authorities are responsible for the day-to-day supervision and the setting up of the Colleges of Supervisors and their functioning.
Targets for EIOPA’s Action Plan on Colleges 2014 and 2015 are:
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