EIOPA published a report on the criteria for the independence of supervisory authorities.
The criteria provide clarity for supervisory authorities on EIOPA’s expectations. Taking on board the relevant articles in the Solvency II and IORP II Directive, international standards and supervisory experiences, they specify further the principles of operational, financial and personal independence as well as transparency and accountability.
As a next step, EIOPA plans to assess supervisory authorities’ independence, for example with the use of dedicated peer reviews. By doing this, EIOPA aims to ensure the consistent application of legislation, to preserve financial stability and to protect consumers.
Please find more information here.
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