EIOPA publishes Report on the Functioning of Colleges and the Accomplishments of the 2013 Action Plan
13 February 2014
Colleges of Supervisors refer to multilateral groups of relevant supervisors that are formed for the collective purpose of enhancing efficient, effective and consistent supervision of financial institutions operating across borders. (Includes Action Plan 2014/15.)
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:
Report
© EIOPA
