Insurance and occupational pensions: advisory committee

SUMMARY OF:

Decision 2004/9/EC establishing the European Insurance and Occupational Pensions Committee

WHAT IS THE AIM OF THE DECISION?

It establishes a committee, the European Insurance and Occupational Pensions Committee (EIOPC), to support and advise the European Commission on implementing measures for European Union (EU) legislation in the field of financial services.

KEY POINTS

Creation of the EIOPC

• The EIOPC contributes to the improved regulation of insurance and occupational pensions. It was created in order to extend beyond the securities* markets the 4-level regulatory process recommended in 2001 by the Committee of Wise Men, in a document known as the Lamfalussy report.
• It participates in preparing and applying measures for implementing the principles laid down in the relevant directives and regulations. However, it does not have the power to address issues of labour law or social law.

The role of the EIOPC

• The EIOPC is an advisory body. It no longer plays a role in relation to delegated acts, on which the new Expert Group on Banking, Payments and Insurance is consulted, but continues to be active in the area of implementing acts (Article 291 of the Treaty on the Functioning of the European Union).

FROM WHEN DOES THE DECISION APPLY?

It has applied since 13 April 2005.

BACKGROUND

For more information, see:

• ‘European Insurance and Pensions Committee (EIOPC)’ on the European Commission's website.

* KEY TERMS

MAIN DOCUMENT

Commission Decision 2004/9/EC of 5 November 2003 establishing the European Insurance and Occupational Pensions Committee (OJ L 3, 7.1.2004, pp. 34-35)

RELATED DOCUMENTS

Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, pp. 1–155)

Successive amendments to Directive 2009/138/EC have been incorporated in the original text. This consolidated version is of documentary value only.

Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ L 331, 15.12.2010, pp. 48–83)

See consolidated version

Regulation (EU) No 182/2011 of the European Parliament and of the Council of 16 February 2011 laying down the rules and general principles concerning mechanisms for control by Member States of the Commission’s exercise of implementing powers (OJ L 55, 28.2.2011, pp. 13–18)

Consolidated version of the Treaty on the Functioning of the European Union — Part Six — Institutional and financial provisions — Financial provisions — Title I — Institutional provisions — Chapter 2 — Legal acts of the Union, Adoption procedures and other provisions — Section 1 — The legal acts of the Union —Article 291 (OJ C 202, 7.6.2016, p. 173)

last update 17.11.2016