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.
response
Insurance Europe
© InsuranceEurope
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