|
|
EIOPA's fifth year was a historical one because in 2015, the Authority completed the regulatory phase of the new risk-based supervisory regime Solvency II that entered into force on 1 January 2016. In the course of 2015, EIOPA prepared the ground to shift its strategic focus from regulation to supervision and to take over the new supervisory functions. One of EIOPA's key objectives is to ensure supervisory convergence across Europe.
The current Annual Report provides a detailed overview of tools and projects that EIOPA used across its goals to ensure supervisory convergence, safeguard the application of EU law, prevent regulatory arbitrage in the internal market, strengthen consumer protection, deliver quality and timely regulation, support financial stability and develop as a modern and competent authority.
At the same time the year 2015 became a real quality check for EIOPA's management and governance system. Due to the given budget reduction by 7.6% EIOPA undertook a severe strategy-driven reprioritisation exercise including reallocation of human resources and funds. This allowed the Authority to deliver high quality work and to meet the objectives of its Work Programme 2015.