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Insurance Europe highlighted its strong support for the need to maintain EIOPA as a separate European authority, saying it was the only way for the European supervisory architecture to ensure that all sectors’ specificities are duly considered, through dedicated technical experts.
However, Insurance Europe advised against the European supervisory authorities using instruments, such as guidelines, to enlarge their regulatory powers.
In relation to the European Systemic Risk Board (ESRB), Insurance Europe calls for a stronger insurance voice on cross-sectorial issues. It is also important to ensure that the ESRB has the capacity to speak with an independent voice with a clear focus on issues which are systemically risky in nature.