The European Insurance and Occupational Pensions Authority (EIOPA) has published today its Annual Report 2014.
2014 has been a very positive year for EIOPA in terms of achievement. The Annual Report 2014 outlines the Authority's main deliverables across its goals to strengthen consumer protection, deliver quality and timely regulation, ensure convergence, consistency and quality of supervision, support financial stability and develop as a modern and competent authority.
EIOPA has however experienced some major challenges. The most pressing being the disparity between the tasks and obligations assigned to EIOPA versus the resources it has to undertake. The Annual Report provides information on EIOPA's management of the resources in order to meet its goals.
Gabriel Bernardino, Chairman of EIOPA, said: "In 2014, consumer protection and financial stability continued to guide EIOPA's priorities. Our ultimate goal is to ensure that insurance companies and pension funds are soundly managed, have a robust solvency position and treat policyholders, members and beneficiaries in a transparent and fair manner.
In our work we continued to have independent and objective judgment. Our conclusions were based on reliable analysis and solid evidence. We adhered to the transparency and accountability towards our stakeholders".
Carlos Montalvo, Executive Director of EIOPA, stated: "The year 2014 has become the right moment due to the review of the European System for Financial Supervision, to look back and reflect on achievements, and to look forward and consider challenges ahead. The review indicated that the European Supervisory Authorities managed to quickly establish well-functioning organisations and in general performed well "against their broad range of tasks, while facing increasing demands with limited human resources". Yet, we are constantly trying to find ways to improve and enhance our work, as the most direct way to ensure that EIOPA creates a legacy in the world of insurance and occupational pensions".
The full text of the Annual Report 2014 is available here.