CEIOPS has submitted to the European Commission the second part of its interim work on EU supervisory powers and objectives “Preliminary Findings on Supervisory Powers”.
The conclusions of these findings were as follows:
In relation to powers, CEIOPS verified that a significant level of harmonisation between the analysed supervisory authorities exists for the powers defined in the Insurance and Reinsurance Directives. However, regarding the additional powers that some supervisory authorities have, the level of harmonisation is lower.
Regarding the mandates and objectives of the supervisory authorities there are several similarities that can be highlighted. The protection of policyholders and the preservation of the public confidence in the (re)insurance market, as well as the objectives of collecting and submitting information about the market and helping consumers making informed
decisions, are objectives that almost all supervisory authorities detain. However, some differences also exist.
An analysis of sanctioning powers, as well as the details on the actual use of administrative measures, are not included in this preliminary version of the report, but will be part of the final report to be submitted in February 2009.
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