This work program marks the start of the work of EIOPA. The objectives set in this work plan are based on the Regulation establishing EIOPA, as it has been approved by the European Parliament on 22 September 2010 and on the ongoing work program of CEIOPS, which will be continued under EIOPA.
The transition from CEIOPS to EIOPA is not a process that will be completed on 1 January 2011. Although EIOPA will be operational and up-and-running from the first day, a lot of less urgent procedures and processes still have to be incorporated during the first months, and some even up till the end of the year, given their nature. This transition, in the middle of the ongoing and important work that CEIOPS/EIOPA is doing on the area of Solvency II and pensions, is creating extra challenges for EIOPA to keep track with all the ambitious goals that are set. To keep its success going, CEIOPS/EIOPA has relied on a small, but dedicated team to reach its goals. During 2010, this team has steadily grown, from 17 in January to 27 in December. And further growth is foreseen to around 50 at the end of 2011 as the new tasks and responsibilities under the Regulation will push EIOPA further.
Despite this gradual growth, EIOPA cannot from the start accomplish all the tasks and responsibilities as set in the Regulation to its full extent. For a part this is channeled because many of the new responsibilities are linked to Solvency II which will come into force in January 2013. For another it means that priorities need to be set and that certain elements of work of EIOPA will develop gradually as our team will continue to develop.
For 2011, the main priorities are:
- Delivery on Solvency II and Pensions (chapter 2 and 3)
- Data collection and processing (chapter 4)
- Consumer protection/Financial Activities (chapter 5)
- Cross-border crisis management and solution and colleges (chapter 6)
These priorities represent the ongoing work from CEIOPS to EIOPA in Solvency II and pensions, the strengthening of existing cooperation with our Members and 3L3 colleagues in colleges, crisis solution and data collection and fostering channels with consumers (representative organizations) and with new stakeholders like the ESRB.
This list does not represent all the work that will be carried out at EIOPA. EIOPA will continue the work that has successfully been done on supervisory convergence and culture, by offering a well established training program. For 2011 the aim is to more closely align this training program to the needs of supervisors ï¿½out in the fieldï¿½ and to transfer policy knowledge into operational tools. The details are described in chapter 7.1. Also EIOPA will develop new initiatives for conducting peer reviews based on the new tasks outlined in the EIOPA Regulation and building on the experience from the first peer review exercise finalised in 2010. The details are described in chapter 7.2.
Further areas of work will be the work done on accounting, international relations and the ongoing work on Transition, described in Chapter 8.