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European Insurance and Occupational Pensions Authority (EIOPA)

The European Insurance and Occupational Pensions Authority (EIOPA) is an independent EU advisory body based in Frankfurt. EIOPA is responsible for supporting the stability of the financial system, transparency of markets and financial products. It also seeks to protect insurance policyholders, pension scheme members and beneficiaries.

Following the 2008 global financial crisis, it was agreed that the EU’s supervisory arrangements should be strengthened both to better protect its citizens and to rebuild trust in the financial system. These arrangements would focus both on individual firms (e.g. banks and insurance companies), and on the stability of the financial system as a whole.

As a result, the European system of financial supervision was established in 2011. It comprises:

  • 3 European supervisory authorities:
    • EIOPA,
    • European Banking Authority,
    • European Securities and Markets Authority;
  • the European Systemic Risk Board (ESRB);
  • the Joint Committee of the European Supervisory Authorities;
  • the national supervisory authorities.