This work programme describes the goals and deliverables for EIOPA in its second year of operation. Although EIOPA is already operating as a fully-fledged European Agency, many of the processes and procedures have to be refined or adapted to the growing organisation and new responsibilities. Part of the investments and growth in staff, planned for 2012, is dedicated to strengthening the organisation to fulfil its role as a European Agency.
2012 also marks the final preparatory year before Solvency II becomes operational. It will be yet again a year of transition. More than 10 years of preparation, with discussions, compromises and newly developed ideas not just within Europe, but also worldwide, have established a supervisory regime for Europe that will mean a great leap forward for the safety and stability of its insurance industry and policy holders. By the end of 2012, EIOPA will be ready to collect the new data from national supervisors based on Solvency II reporting requirements, further develop its analytical strength and coordinate more closely the work between national supervisors in preparing for the day-to-day supervision under the new regulation.
The growing role of a common European approach also drives the work of EIOPA steadily forward in other policy areas. Consumer protection, in close cooperation with the other European Supervisory Authorities, EBA and ESMA, continues to demand a more harmonised approach, between countries and across sectors. The rising challenges in the pensions sector across Europe, its growing importance for the economy and financial and social stability, require pro-active, innovative and vigorous actions from supervisors. EIOPAï¿½s role will grow in the effort to establish a harmonised approach, not necessarily meaning identical approaches, across Europe.
Besides developing technical standards and guidelines in its policy areas, EIOPAï¿½s supervisory role will expand, together with its partners in the European System of Financial Supervision, the national supervisory authorities, EBA, ESMA and the ESRB. Longer term solutions will be developed to ensure efficient and effective communication between all partners. Also on a bilateral basis, preparatory work will be undertaken for the exchange of Solvency II data between EIOPA and ESRB from 2013.
All these developments will entail a further growth of the organisation, in terms of budget and resources. Staff numbers will grow from 46 to 69, to achieve the objectives and deliverables set out in this work programme. Priorities still have to be made with regards to the mandate set out in the Regulation, as EIOPA will only reach its anticipated size in 2020. For 2012, the budget will grow from 10.6 to 15.6 million Euro, with a share of 40% from the Commission and 60% from its Members.