On 14 February EIOPA published a decision of its BoS in relation to the methodology and framework of peer reviews.
Please find the decision here.
Members will find an overview of the peer reviews performed by EIOPA in the past years here.
Further background on peer reviews:
⦁ EIOPA conducts peer reviews, pursuant to Article 30 of Regulation (EU) No 1094/2010 (EIOPA regulation), on activities of NCAs in order to further strengthen consistency in supervisory assessments and outcomes and improve the quality, efficiency and independence of supervision.
⦁ The Management Board prepares a “Two Year Peer Review Work plan” which is adopted by the Board of Supervisors.
⦁ Peer reviews assess the application by NCAs represented in the EIOPA Board of Supervisors of EU measures, including directives, regulations, technical standards, EIOPA guidelines and recommendations, or supervisory practices.
⦁ The ad hoc peer review committees are responsible for conducting the peer reviews and preparing follow-up reports. The ad hoc peer review committees are composed of EIOPA staff members and members of the competent authorities. An EIOPA staff member chairs the peer review committees.
⦁ EIOPA undertakes a follow-up report after two years of the publication of the peer review report. The follow-up report includes an assessment of, but is not limited to, the adequacy and effectiveness of the actions undertaken by the competent authorities that are subject to the peer review in response to the follow-up measures of the peer review report.
⦁ The results of the peer reviews and follow-up peer reviews are published on the EIOPA website.
⦁ See EIOPA Methodology for the conduct of ad hoc peer reviews, which will be updated by the end of 2021 (please refer to BoS decision mentioned at the beginning of this email), in accordance to changes to EIOPA regulation.
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