European Insurance and Occupational Pensions Authority

The European Insurance and Occupational Pensions Authority (EIOPA) is a European Union financial regulatory institution that replaced the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). It is established under EU Regulation 1094/2010.

EIOPA is one of the three European Supervisory Authorities responsible for microprudential oversight at the European Union level, being part of the European System of Financial Supervision.

European Insurance and Occupational Pensions Authority
European Insurance and Occupational Pensions Authority (EIOPA) logo
Agency overview
Formed1 January 2011
Preceding agency
  • Committee of Insurance and Occupational Pensions Regulators (CEIOPS)
JurisdictionEuropean Union
HeadquartersFrankfurt am Main
Agency executive
Key document


CEIOPS (2003–10) was established under the terms of European Commission's Decision 2004/6/EC of 5 November 2003, currently repealed and replaced by Decision 2009/79/EC, and is composed of high level representatives from the insurance and occupational pensions supervisory authorities of the European Union's Member States. The authorities of the European Economic Area Member States also participated in CEIOPS. CEIOPS Secretariat was located in Frankfurt am Main. CEIOPS was a Level-3 Committee of the European Union in the Lamfalussy process. CEIOPS was founded 5 November 2003. CEIOPS consisted of the European Union's insurance and pension fund supervisory authorities. Other supervisory authorities from other states of the European Economic Area are represented as observers (Norway, Iceland and Liechtenstein, although not Switzerland). It was chaired by Gabriel Bernardino, the Director General of the Instituto de Seguros de Portugal (ISP). CEIOPS' headquarters were located in Frankfurt am Main, Germany. The other Level-3 Committees were Committee of European Banking Supervisors and Committee of European Securities Regulators.

CEIOPS was replaced by EIOPA in January 2011,[1] in accordance with the new European financial supervision framework. The reorganisation of macro and microprudential supervisory authorities led to the creation of three new European watchdogs (The European Banking Authority - EBA, the European Insurance and Occupational Pensions Authority - EIOPA, and the European Securities and Markets Authority -ESMA) have replaced the previous EU committees responsible for financial market services, having had only consultative competences.

Missions and tasks

EIOPA has a legal personality and acts within the powers conferred by the EIOPA Regulation.[2]

Westhafen Tower, Frankfurt, Southeast view 20170205 1
Westhafen Tower in Frankfurt, seat of EIOPA

EIOPA acts in the field of activities of insurance undertakings, reinsurance undertakings, financial conglomerates, institutions for occupational retirement provision and insurance intermediaries, in relation to issues not directly covered in the acts referred to in the EIOPA Regulation Article 1.2, including matters of corporate governance, auditing and financial reporting, provided that such actions by the Authority are necessary to ensure the effective and consistent application of those acts.

EIOPA’s core responsibilities are to support the stability of the financial system, transparency of markets and financial products as well as the protection of insurance policyholders, pension scheme members and beneficiaries.

To achieve the tasks above, EIOPA was also conferred the powers to develop draft regulatory technical standards and implementing technical standards, to issue guidelines and recommendations, to take individual decisions addressed to competent authorities or financial institutions in the specific cases, develop common methodologies for assessing the effect of product characteristics and distribution processes, and so on.


The composition of EIOPA is similar with that of ESMA, namely a Board of Supervisors, a Management Board, a Chairperson, an Executive Director, and a Board of Appeal. Besides the same tasks shared with ESMA, EIOPA still needs to foster the protection of policyholders, pension scheme members and beneficiaries.


The head office of EIOPA is still in the place of its predecessor, Frankfurt. EIOPA is accountable to the European Parliament and the Council, like two other peers.

See also


  1. ^ "European supervisory authorities: time for implementation!".
  2. ^

External links

European Banking Authority

The European Banking Authority (EBA) is a regulatory agency of the European Union headquartered in London. Its activities include conducting stress tests on European banks to increase transparency in the European financial system and identifying weaknesses in banks' capital structures. The EBA was established on 1 January 2011, upon which date it inherited all of the tasks and responsibilities of the Committee of European Banking Supervisors (CEBS). After the United Kingdom withdrawal from the European Union referendum the agency is preparing to relocate to Paris.

European Insurance and Occupational Pensions Committee

European Insurance and Occupational Pensions Committee (EIOPC) is a regulatory and legislative policy body within the European Union. It was established by the European Commission's Decision 2004/6/EC of 5 November 2003.

European System of Financial Supervision

The European System of Financial Supervision (ESFS) is the framework for financial supervision in the European Union in operation since 2011. The system consists of the European Supervisory Authorities, the European Systemic Risk Board, the Joint Committee of the European Supervisory Authorities, and the national supervisory authorities of EU member states. It was proposed by the European Commission in 2009 in response to the financial crisis of 2007–08.

European Systemic Risk Board

The European Systemic Risk Board (ESRB) was established on 16 December 2010 in response to the ongoing financial crisis. It is tasked with the macro-prudential oversight of the financial system within the European Union in order to contribute to the prevention or mitigation of systemic risks to financial stability in the EU. It shall contribute to the smooth functioning of the internal market and thereby ensure a sustainable contribution of the financial sector to economic growth.

The ESRB is an independent body of the EU and it is part of the European System of Financial Supervision (ESFS), the purpose of which is to ensure the supervision of the EU's financial system. The ESRB is hosted and supported by the European Central Bank. It includes representatives from the ECB, national central banks and supervisory authorities of EU member states, and the European Commission.

European Union

The European Union (EU) is a political and economic union of 28 member states that are located primarily in Europe. It has an area of 4,475,757 km2 (1,728,099 sq mi) and an estimated population of about 513 million. The EU has developed an internal single market through a standardised system of laws that apply in all member states in those matters, and only those matters, where members have agreed to act as one. EU policies aim to ensure the free movement of people, goods, services and capital within the internal market, enact legislation in justice and home affairs and maintain common policies on trade, agriculture, fisheries and regional development. For travel within the Schengen Area, passport controls have been abolished. A monetary union was established in 1999 and came into full force in 2002 and is composed of 19 EU member states which use the euro currency.

The EU and European citizenship were established when the Maastricht Treaty came into force in 1993. The EU traces its origins to the European Coal and Steel Community (ECSC) and the European Economic Community (EEC), established, respectively, by the 1951 Treaty of Paris and 1957 Treaty of Rome. The original members of what came to be known as the European Communities were the Inner Six: Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany. The Communities and its successors have grown in size by the accession of new member states and in power by the addition of policy areas to its remit. The latest major amendment to the constitutional basis of the EU, the Treaty of Lisbon, came into force in 2009. While no member state has left the EU or its antecedent organisations, the United Kingdom signified the intention to leave after a membership referendum in June 2016 and is negotiating its withdrawal on 29 March 2019.

Covering 7.3% of the world population, the EU in 2017 generated a nominal gross domestic product (GDP) of 19.670 trillion US dollars, constituting approximately 24.6% of global nominal GDP. Additionally, all 28 EU countries have a very high Human Development Index, according to the United Nations Development Programme. In 2012, the EU was awarded the Nobel Peace Prize. Through the Common Foreign and Security Policy, the EU has developed a role in external relations and defence. The union maintains permanent diplomatic missions throughout the world and represents itself at the United Nations, the World Trade Organization, the G7 and the G20. Because of its global influence, the European Union has been described as an emerging superpower.

European labour law

European labour law regulates basic transnational standards of employment and partnership at work in the European Union and countries adhering to the European Convention on Human Rights.

The European Union, under the Treaty on the Functioning of the European Union, article 153(1) is able to use the ordinary legislation procedure on a list of labour law fields. This notably excludes wage regulation and collective bargaining. Four main fields of EU regulation of labour rights include (1) individual labour rights, (2) anti-discrimination regulations, (3) rights to information, consultation, and participation at work, and (4) rights to job security. In virtually all cases, the EU follows the principle that member states can always create rights more beneficial to workers.

The fundamental principle of labour law is that employees' unequal bargaining power justifies substitution of rules in property and contract with positive social rights so that people may earn a living to fully participate in a democratic society. The EU's competences generally follow principles codified in the Community Charter of the Fundamental Social Rights of Workers 1989, introduced in the "social chapter" of the Treaty of Maastricht.

Financial Services and Markets Authority (Belgium)

The Financial Services and Markets Authority (FSMA) (Dutch: Autoriteit voor Financiële Diensten en Markten, French: L’Autorité des services et marchés financiers) is the financial regulatory agency in Belgium.

As a supervisory authority, the FSMA strives to ensure the honest and equitable treatment of

financial consumers. It aims at the fair and orderly operation and the transparency of the financial markets by ensuring that listed companies provide correct and complete information. It promotes proper provision of financial services by verifying that financial institutions comply with rules of conduct, by supervising financial products, financial service providers and supplementary pensions,and by contributing to improving the education of financial consumers. In this way the FSMA seeks to ensure that the financial system deserves the trust of its users.

Financial centre

A financial centre is a broad term the IMF define as encompassing: International Financial Centres (IFCs), such as New York City, London, and Tokyo; Regional Financial Centres (RFCs), such as Boston, Frankfurt, and Sydney; and Offshore Financial Centres (OFCs), such as The Cayman Islands, Dublin, and Singapore.IFCs, and many RFCs, are full–service financial centres with direct access to large capital pools from banks, insurance companies, investment funds, and listed capital markets, and are major global cities. OFCs, and also some RFCs, tend to specialise in tax-driven services, such as corporate tax planning tools, tax–neutral vehicles, and shadow banking/securitization, and can include smaller locations (e.g. Luxembourg), or city-states (e.g. Singapore). The IMF notes an overlap between RFCs and OFCs (e.g. Hong Kong and Singapore are OFCs and RFCs). Since 2010, academics consider OFCs synonymous with tax havens.

Financial regulation

Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system. This may be handled by either a government or non-government organization. Financial regulation has also influenced the structure of banking sectors by increasing the variety of financial products available. Financial regulation forms one of three legal categories which constitutes the content of financial law, the other two being market practices, case law.


Frankfurt (officially: Frankfurt am Main (German: [ˈfʁaŋkfʊɐ̯t ʔam ˈmaɪn] (listen); lit. "Frank ford at the Main")) is a metropolis and the largest city of the German federal state of Hesse, and its 746,878 (2017) inhabitants make it the fifth-largest city of Germany after Berlin, Hamburg, Munich, and Cologne. On the River Main (a tributary of the Rhine), it forms a continuous conurbation with the neighbouring city of Offenbach am Main, and its urban area has a population of 2.3 million. The city is at the centre of the larger Rhine-Main Metropolitan Region, which has a population of 5.5 million and is Germany's second-largest metropolitan region after the Rhine-Ruhr Region. Since the enlargement of the European Union in 2013, the geographic centre of the EU is about 40 km (25 mi) to the east of Frankfurt's central business district. Like France and Franconia, the city is named after the Franks. Frankfurt is the largest city in the Rhine Franconian dialect area (West Central German dialects).

Frankfurt was a city state, the Free City of Frankfurt, for nearly five centuries, and was one of the most important cities of the Holy Roman Empire, as a site of imperial coronations; it lost its sovereignty upon the collapse of the empire in 1806 and then permanently in 1866, when it was annexed by the Kingdom of Prussia. It has been part of the federal state of Hesse since 1945. The city is culturally and ethnically diverse, with around half of the population, and a majority of young people, having a migration background. A quarter of the population are foreign nationals, including many expatriates.

Frankfurt is an alpha world city and a global hub for commerce, culture, education, tourism and transportation. It is the site of many global and European corporate headquarters. Frankfurt Airport is among the world's busiest. Frankfurt is the major financial centre of the European continent, with the headquarters of the European Central Bank, German Federal Bank, Frankfurt Stock Exchange, Deutsche Bank, DZ Bank, KfW, Commerzbank, several cloud and fintech startups and other institutes. Automotive, technology and research, services, consulting, media and creative industries complement the economic base. Frankfurt's DE-CIX is the world's largest internet exchange point. Messe Frankfurt is one of the world's largest trade fairs. Major fairs include the Frankfurt Motor Show, the world's largest motor show, the Music Fair, and the Frankfurt Book Fair, the world's largest book fair.

Frankfurt is home to influential educational institutions, including the Goethe University, the UAS, the FUMPA, and graduate schools like the Frankfurt School of Finance & Management. Its renowned cultural venues include the concert hall Alte Oper, Europe's largest English theatre and many museums (e.g. the Museumsufer ensemble with Städel and Liebieghaus, Senckenberg Natural Museum, Goethe House, and the Schirn art venue at the old town). Frankfurt's skyline is shaped by some of Europe's tallest skyscrapers. The city is also characterised by various green areas and parks, including the central Wallanlagen, the City Forest and two major botanical gardens, the Palmengarten and the University's Botanical Garden. In electronic music, Frankfurt has been a pioneering city since the 1980s, with renowned DJs including Sven Väth, Marc Trauner, Scot Project, Kai Tracid, and the clubs Dorian Gray, U60311, Omen and Cocoon. In sports, the city is known as the home of the top tier football club Eintracht Frankfurt, the Löwen Frankfurt ice hockey team, the basketball club Frankfurt Skyliners, the Frankfurt Marathon and the venue of Ironman Germany.

Gabriel Bernardino

Gabriel Rodrigo Ribeiro Tavares Bernardino (born 1964) is a Portuguese mathematician. He is the Chairman of the European Insurance and Occupational Pensions Authority (EIOPA), following his appointment in January 2011.

Institute for Law and Finance

The Institute for Law and Finance (ILF) is a graduate school which was established as a non-profit foundation in 2002 by Goethe University Frankfurt am Main with the support of many prominent institutions. Leading commercial banks and international law firms, the Frankfurt Chamber of Commerce and Industry, the City of Frankfurt and the State of Hesse, as well as the European Central Bank and the Deutsche Bundesbank are actively involved in the ILF right from the planning stages until today. The ILF provides interdisciplinary training to lawyers, senior management and executives in Germany and worldwide and serves as a policy center in the legislative process by offering forums for discussions and exchanges between academia and practitioners.

The ILF offers the LL.M Finance and LL.M International Finance Degree Programs, Spring School on "Corporate Law in Practice" and Summer School on "Law of Banking and Capital Markets.

The Executive Director of the ILF is Andreas Cahn, Endowment Funds Commerzbank Professorship, Goethe University Frankfurt am Main. Theodor Baums, Professor of Civil, Business & Banking Law, ILF, Goethe University Frankfurt am Main and Manfred Wandt, Director, Institute for Insurance Law, Goethe University Frankfurt am Main are directors of the ILF.

International Association of Insurance Supervisors

The International Association of Insurance Supervisors (IAIS) is a voluntary membership-driven standards-setting organization of insurance supervisors and regulators from over 190 jurisdictions in more than 140 countries. Founded in 1994, it seeks to "supervise the insurance industry in order to develop and maintain fair, safe, and stable insurance markets". In addition to its members, approximately 135 observers representing international institutions, professional associations and insurance and reinsurance companies, as well as consultants and other professionals participate in IAIS activities.

List of acronyms associated with the eurozone crisis

This is a list of acronyms and initialisms associated with the eurozone crisis.

List of financial regulatory authorities by country

The following is an incomplete list of financial regulatory authorities by country.

List of tallest buildings in Frankfurt

The tallest structure in Frankfurt is the Europaturm, which rises 337 metres (1,106 ft) however, the observation tower is not generally considered a high-rise building as it does not have successive floors that can be occupied. The tallest habitable building in Frankfurt is the Commerzbank Tower, which rises 259 metres (850 ft) and 56 floors. As of October 2011, the structure is the 197th-tallest building in the world, the seventh-tallest building in Europe and the second-tallest building in the European Union. The second-tallest building in the city is the Messeturm, which rises 257 metres (843 ft) tall and has 55 floors. The 10 tallest buildings in Germany are located in Frankfurt.

Frankfurt is one of the few European cities with a large cluster of high rise building in its downtown area; in many other European cities, skyscraper construction was not well received in the past due to the historical value of existing buildings. For this reason, Frankfurt is sometimes referred to as "Mainhattan" (a portmanteau of the local Main river and Manhattan), and Chicago am Main. Most of Frankfurt's downtown area was destroyed by Allied air bombardment during World War II, and only a small number of the city's landmarks were rebuilt. This left ample room for and little opposition against the construction of modern high-rises in the city. Frankfurt went through a first high-rise building boom in the 1970s; during this time, the city saw the construction of nine buildings over 110 metres (360 ft). From 1984 until 1993, Frankfurt went through another building boom, during which time the city's second-tallest building, Messeturm, and the third-tallest building, Westendstraße 1, were completed. The city has now 14 buildings which rise at least 150 metres (490 ft) in height, more than any other city in Germany. As of October 2011, there are 294 completed high-rises in the city.Frankfurt entered another building boom in 1997, and has seen the completion of 11 buildings over 100 metres (330 ft), e.g. the city's tallest building, Commerzbank Tower, as well as Main Tower, Opernturm and Tower 185. There are several proposal and approved plans for new skyscrapers, including Millennium Tower, 369 metres (1,211 ft), MAX, 228 metres (748 ft), Tower 1, 212 metres (696 ft), Marieninsel, 210 metres (690 ft) and Bahn Tower, 200 metres (660 ft).

As of October 2011, there are 72 high-rise buildings under construction, approved for construction and proposed for construction in Frankfurt.

Own risk and solvency assessment

At the heart of the prudential Solvency II directive, the own risk and solvency assessment (ORSA) is defined as a set of processes constituting a tool for decision-making and strategic analysis. It aims to assess, in a continuous and prospective way, the overall solvency needs related to the specific risk profile of the insurance company.

Risk Management and own risk and solvency assessment is a similar regulation that has been enacted in the US by the NAIC. Other jurisdictions are enacting similar regulations to comply with the Insurance Core Principle 16 enacted by the IAIS.

Westhafen Tower

Westhafen Tower is a 109.9 m (361 ft) 30-storey skyscraper in the Gutleutviertel district of Frankfurt, Germany. The building was designed by the architects Schneider & Schumacher and was completed in 2004. The tower, whose name literally means "West Port Tower", is one of the first buildings at the former West Port.

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