The European Insurance and occupational Pensions Authority (EIOPA) today announced the members of its two stakeholder groups, the Insurance and Reinsurance Stakeholder Group as well as the Occupational Pensions Stakeholder Group. These groups each include 30 members and are established to facilitate EIOPA’s consultation with stakeholders in Europe on issues such as regulatory and implementing technical standards in addition to the guidelines and recommendations that apply to the insurance and occupational pensions industry.
Members of the stakeholder groups can submit opinions and advice to EIOPA on any issue related to its task. Furthermore, the stakeholder groups are expected to notify EIOPA of any inconsistent application of European Union law as well as inconsistent supervisory practices in the different European member states.
The new Insurance and Reinsurance Stakeholder Group is currently composed of ten industry representatives, five consumers, eight users of insurance and reinsurance services, two representatives of trade unions and five independent academics.
The new Occupational Pensions Stakeholder Group is currently composed of ten industry representatives, three beneficiaries and consumers, five professional users, seven employee/employer representatives and five independent academics. Both stakeholder groups are expected to convene for the first time at the beginning of the second quarter of 2011.
EIOPA received around 100 applications from high level experts for each stakeholder group after a public invitation for interested candidates to apply for membership. Those eligible for membership were qualified individuals selected on the basis of their expertise in the area of financial services.
The composition of the two stakeholder groups is based on legal requirements as defined in EIOPA’s regulation. Additionally, EIOPA aimed for outstanding professional expertise, appropriate geographical and gender balance to achieve the best available representation of stakeholders across the European Union.
The members of the stakeholder groups were appointed by EIOPA’s Board of Supervisors after a pre-selection by EIOPA and its Management Board. The new stakeholder groups replace the so-called Consultative Panel that was established under CEIOPS, the organisation that preceded EIOPA. At a minimum, the stakeholder groups will meet four times a year. The members of the stakeholder groups may serve up to two consecutive terms of two-and-a-half years each.
Source : EIOPA Press Release
