14th February 2018

Insurance Europe submits feedback in relation to the proposal to overhaul the three European Supervisory Authorities(ESAs)
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Insurance Europe has submitted feedback in relation to the proposal to overhaul the three European Supervisory Authorities(ESAs), associated amendments to Solvency II, and proposed changes to the European Systemic Risk Board(ESRB).
Insurance Europe welcomed the Commission's recognition of the need for stability and sectoral expertise, as well as its decision to maintain the European Insurance and Occupational Pensions Authority(EIOPA) as a stand-alone authority.
However, Insurance Europe also identified several areas that require improvement in relation to governance and oversight to ensure appropriate checks and balances in EIOPA's work.
Insurance Europe also recommended including "acting in the interest of the European public good" as an explicit part of the ESAs' mandate to ensure a proportional and balanced approach to their supervision.

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