What is a common supervisory culture?
Building a common supervisory culture is a strategic goal of EIOPA.
A common supervisory culture entails a common understanding of the way supervisors think, behave and work within their community. The culture manifests itself in processes, procedures and behaviours. Everybody involved should agree on supervisory objectives and a common view of the key characteristics of high-quality and effective supervision.
What are the benefits?
EIOPA actively promotes a common supervisory culture and consistent supervisory practices across Europe to ensure a high, effective and consistent level of supervision.
Main benefits:
- Policyholders and beneficiaries receive a similar level of protection wherever they are based in Europe, regardless of the location of the insurance undertaking’s head office.
- Insurance providers act honestly, fairly and professionally in the best interests of policyholders and beneficiaries
- Laws and regulations are interpreted in the same way across Europe
Key characteristics of high-quality and effective supervision
![Key_characteristics_supervisory_culture Key_characteristics_supervisory_culture](/sites/default/files/styles/embed_large/public/2019-08/key_characteristics_supervisory_culture.jpg?itok=D6pz_4qG)
Who is involved in developing the culture?
To promote supervisory convergence, EIOPA works closely with national supervisory authorities in each member state, who are with insurance and pensions providers.
![Involvement_supervisory20culture Involvement_supervisory20culture](/sites/default/files/styles/embed_large/public/2019-08/involvement_supervisory20culture.jpg?itok=7PvMQaeP)
Which tools are needed?
![Tools_needed_supervisory_culture Tools_needed_supervisory_culture](/sites/default/files/styles/embed_large/public/2019-08/tools_needed_supervisory_culture.jpg?itok=J4TRdj4p)