The European Insurance and Occupational Pensions Authority (EIOPA) was created by Regulation (EU) No 1094/2010 of 24 November 2010 in order to enhance the European System of Financial Supervision of which it is one of the three new supervisory authorities.
EIOPA is an independent authority of the European Union with legal personality acting in order to ensure efficiency and coherence regarding the prudential regulation and supervision in the fields of insurance and professional pensions. EIOPA officially took over the responsibilities and tasks of the Committee of European Insurance and Occupational Pension Supervisors (CEIOPS) on 1 January 2011.
Its main objectives consist in:
◦ safeguarding the financial stability in the EU and ensure the integrity, efficiency and sound functioning of the financial markets;
◦ improving the protection of consumers, policyholders, pension schemes and their beneficiaries in order to win back their trust in the financial system;
◦ ensuring a high level of efficiency in the regulation and harmonising in a coherent manner the application of the rules for the financial institutions and markets across the European Union;
◦ taking into account the interests of all the Member States and the difference of their financial institutions;
◦ enhancing the supervision of crossborder groups;
◦ promoting a coordinated response from the European Union at the supervisory level;
◦ fostering the stability of the financial system;
◦ ensuring transpareny of the markets and of the financial products, supervise and identify their trends, prossible risks and vulnerabilities across the borders and across the sectors.