European Insurance and Occupational Pensions Authority

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European Insurance and Occupational Pensions Authority (EIOPA)

The European Insurance and Occupational Pensions Authority (EIOPA) was established as a result of reforms to the structure of supervision of the financial sector in the European Union after the financial crisis of 2007-2008. The reform was initiated by the European Commission following the recommendations of a Committee of Wise Men and supported by the European Council and Parliament.

Before and during the financial crisis, the European Parliament called for a move towards more integrated European supervision to ensure a level playing field for all and to reflect the increasing integration of financial markets in the Union. The result was a strengthening of the supervisory framework to reduce the risk of future financial crises.

EIOPA is part of a European System of Financial Supervisors that comprises three European Supervisory Authorities, one for the banking sector, one for the securities sector and one for the insurance and occupational pensions sector, as well as the European Systemic Risk Board.