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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 securities1 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 .
BACKGROUND
For more information, see:
- ‘European Insurance and Pensions Committee (EIOPC)’ on the European Commission's website.
* KEY TERMS
- Securities: transferable shares which give the owner voting rights in a company.
MAIN DOCUMENT
Commission Decision 2004/9/EC of establishing the European Insurance and Occupational Pensions Committee (OJ L 3, , pp. 34-35)
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