The European Insurance and Occupational Pensions Authority (EIOPA) has published results of its Survey on Crisis Prevention, Management and Resolution Preparedness of national supervisory authorities (NSAs) with regard to the insurance sector.
The exercise was conducted in line with the Regulation establishing EIOPA, which requires the Authority to build a common Union supervisory culture, as well as to actively participate in the development and coordination of recovery and resolution plans, procedures in emergency situations and preventive measures to minimise the systemic impact of any failure.
The survey covered the whole crisis management flow, i.e. crisis prevention, alert, assessment, management and resolution. It also included several questions on external communications to the public; cooperation on cross-sectorial issues with other national authorities as well as the impact of the financial crisis on the NSAs approach.
The objective of this exercise is to obtain a better understanding of the approaches and practices in the different NSAs. As a next step, EIOPA will extract a set of key characteristics, which will help national supervisors to assess their relative situation. This will contribute to further development of supervisory culture and consistent supervisory practices in Europe.
The results of the survey can be viewed on EIOPA’s website.