The objective of EIOPA is to protect the public interest. Among its tasks in the field of insurance is to contribute to the establishment of high-quality common regulatory and supervisory standards and practices in the European Union. EIOPA's powers include issuing guidelines and recommendations and developing draft regulatory and implementing technical standards. EIOPA is also entitled to provide opinions to the European Parliament, the Council of the European Union and the European Commission on insurance related issues.
One of the main aims of EIOPA for the coming years is the preparation of the new supervisory regime for insurance and reinsurance undertakings and particularly the conduct of all the necessary work for the implementation of the EU Directive on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).
EIOPA is also advising the European Commission on the revision of the Insurance Mediation Directive, and will support the development of industry training standards in this area. In this respect, EIOPA is also working on the development of common disclosure rules, and regulation of the sale of Packaged Retail Investment Products (PRIPs).
EIOPA also provides input into the European Commission's policy-making with regards to Insurance Guarantee Schemes (IGS) with a view to contributing to the assessment of the need for a European network of national Insurance Guarantee Schemes which is adequately funded and sufficiently harmonised.