EIOPA and FINMA sign a Memorandum of Understanding

21 September 2012

The European Insurance and Occupational Pensions Authority (EIOPA) and the Swiss Financial Market Supervisory Authority (FINMA) have signed a Memorandum of Understanding aiming to ensure optimal supervision of insurance groups with international activities in the EEA and Switzerland.

The main objective of the MoU is to ensure optimal cooperation in supervision, in particular for insurance groups with international activities in the European economic area (EEA) and Switzerland. The Memorandum creates a formal basis for cooperation in the following areas:

• group supervision,
• assistance in the work of EEA and FINMA colleges of supervisors,
• action required in emergency situations,
• safeguarding financial stability by monitoring and assessing risks,
• interconnectedness, and
• conducting stress tests.

The Authorities would like to emphasise that the Memorandum will not modify or supersede any laws or regulatory requirements in force and will not affect any arrangements under the MoUs that have previously been signed between FINMA and other national supervisory authorities of the EEA.

Gabriel Bernardino, Chairman of EIOPA, said: “This is the first Memorandum of Understanding ever signed by EIOPA. We are committed to pursue a constructive dialogue, effective cooperation and information exchange with FINMA. This MoU is an important step to reinforce the efficiency of supervision and to enhance consumer protection in an increasingly global insurance market”.

Press release

Full memorandum

© EIOPA