EIOPA is part of the European System of Financial Supervision.  It is an independent body providing advice to the European Commission, the European Parliament and the Council of the European Union. 

What it does

EIOPA is responsible for:

• helping keep the financial system stable
• ensuring markets and financial products are transparent
• helping protect insurance policyholders, pension scheme members and beneficiaries. 

The European System of Financial Supervision comprises:

• European supervisory authorities
• national supervisory authorities

It links financial oversight at systemic and firm level. This leaves day-to-day supervision to the national authorities.

Structure

EIOPA’s management structure includes:

• the Board of Supervisors. This is EIOPA’s principal decision making organ and is made up of:
  • EIOPA’s chairperson, appointed by the Board of Supervisors and confirmed by the European Parliament
  • voting members (the relevant authority in each EU country)
  • observers: representatives of the European Commission, the European Systemic Risk Board, the European Banking Authority and the European Securities and Markets Authority.

• the Management Board, which ensures that EIOPA performs its assigned duties. It comprises:
  • EIOPA’s chairperson;
  • 6 representatives of national supervisory authorities;
  • Commission representatives.
     
• The Executive Director, responsible for EIOPA's day-to-day management.

The Joint Committee of European Supervisory Authorities coordinates the activities of the European Supervisory Agencies (ESAs) and their policies on financial conglomerates and other cross-sectoral issues.

EIOPA’s Board of Appeal gives parties the right to appeal against decisions taken by ESAs. It is a joint body of ESAs that is independent of their administrative and regulatory structures. The Board has 6 members and 6 stand-ins.

How it works

EIOPA works with experts from national competent authorities in committees, task forces and panels in the following areas:

• financial stability
• oversight
• consumer protection
• pensions
• insurance.

The outcome of this work is approved by the Board of Supervisors.

EIOPA collaborates with the European Banking Authority and the European Securities and Markets Authority through the Joint Committee to ensure that the Authorities’ practices are consistent.

Who benefits

• Consumers:
  • increased transparency, simplicity, accessibility and fairness across the internal market for pensions and insurance
  • consumer representatives can voice their opinions in EIOPA working groups.

• Industry:
  • high-quality, efficient and consistent supervision of EU insurers and occupational pensions
  • EIOPA helps identify, assess, mitigate and manage risks and threats to the financial stability of the insurance and occupational pensions sectors
  • Industry representatives can voice their opinions in EIOPA working groups and stakeholder groups.