MoU between EU/EEA and Swiss supervisors on insurance supervision agreed

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) and the Federal Office of Private Insurance (FOPI) have released a memorandum of understanding (MoU) designed to facilitate information exchange between the EU/EEA Insurance Supervisors, which are all members or observers of CEIOPS, and the Swiss Supervisor.

It is hoped that by taking into account the nature of the group relationship of insurance or financial conglomerates, more effective and prudential supervision will be possible. The MOU states that an efficient co-operation between the competent authorities of the relevant countries is essential for achieving supervisory objectives, while minimising the administrative burden for the supervisory entities.

The MoU provides the legal basis for including FOPI in the work of the Coordination Committees (Co-Cos) that have been established under the umbrella of the Helsinki Protocol. Co-Cos have been established for each trans-national insurance group and comprise the national supervisors engaged in the day-to-day supervision of the entities of the relevant group.

“A Pan European insurance market requires the co-operation of supervisors beyond the borders of the EU,” the chairman of CEIOPS, Henrik Bjerre-Nielsen, said. “CEIOPSconsiders this MoU as the basis for building further co-operation with the Swiss Supervisory Authority.”

Click here for a copy of the MoU.

BaselAlert.com