Colleges of Supervisors refer to multilateral groups of
relevant supervisors that are formed for the collective purpose of enhancing
efficient, effective and consistent supervision of financial institutions
operating across borders.
The Colleges of Supervisors provide a platform
for the gathering and dissemination of relevant or essential information in
going concern and emergency situations, developing a common understanding of the
risk profile of the groups, achieving coordination of supervisory review and
risk assessment at a Group level as well as establishing supervisory plans for
the mitigation of risks at Group level.
Financial turmoil has proven that
the system of cooperation between national supervisory authorities was
insufficient as regards financial institutions operating cross-border.
Therefore, the EU Member States agreed to provide a legal responsibility for
cooperation between supervisors involved in the supervision of groups; to
improve the overall supervision of the groups and the use of supervisory
resources; and to coordinate the requests from supervisors on the supervised
For these purposes the European Supervisory Authorities and
particularly EIOPA were empowered by the European law with full participation
rights in Colleges of Supervisors with a view to streamlining the functioning
and the information exchange in the colleges. (Article 21 of EIOPA’s
As of 1 January 2011 EIOPA is a member of each college of
insurance supervisors. EIOPA will participate in colleges as an active Member
with the following main tasks:
National Competent Authorities are responsible for the
day-to-day supervision and the setting up of the Colleges of Supervisors and
Since 2010 a yearly action plan for Colleges has been
put in place.
Targets for EIOPA’s Action Plan on Colleges 2014, 2015 and