Eastern Cooperation Conference: Fostering risk-based supervision

The European Insurance and Occupational Pensions Authority today hosted its ‘Eastern Cooperation Conference’ bringing together insurance supervisors from EEA and non-EEA jurisdictions. In hosting this conference, EIOPA underlined its continued support for jurisdictions in the process of adapting or implementing EU insurance legislation.

The conference focused on exchanging views on supervisory experiences and practices, in particular related to the implementation of risk-based supervisory frameworks, such as Solvency II. The conference concluded with a roundtable discussion on cooperation including training and capacity building.

In total, supervisors from 10 non-EEA jurisdictions joined the conference (Albania, Azerbaijan, Bosnia and Herzegovina, Georgia, Kosovo*, Republic of Moldova, Montenegro, Republic of North Macedonia, Serbia, Ukraine). They were joined by supervisors from 10 EU national competent authorities, and representatives from the International Monetary Fund, the World Bank, the Access to Insurance Initiative, the European Commission, and the Eastern European Risk and Insurance Association Institutions, as well as academics from the universities of Nis and St. Kliment Ohridski

In opening the conference, EIOPA chair Petra Hielkema said, ‘As we move towards a more interconnected and integrated world, it is so important that we work together to develop and implement effective regulatory frameworks that can support sustainable and inclusive growth. This is as true for the EU as it is for other jurisdictions. A strong insurance sector is vital for a strong economy and this is why we need robust risk-based regulatory frameworks. We were particularly delighted that representatives from Ukraine were able to attend and EIOPA is opening its training programme to Ukrainian supervisors as part of building a longer term relationship’.

* This designation is without prejudice to positions on status, and is in line with UNSCR 1244/1999 and the ICJ Opinion on the Kosovo declaration of independence.