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 groups.
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 Regulation).
EIOPA is a member of each college of insurance supervisors. EIOPA participates in colleges as an active Member with the following main tasks: