FERMA applies to join EIOPA’s advisory group

CEIOPS, the existing group of supervisors that advises the European Commission on key legislation such as Solvency II, will convert to the European Insurance and Occupational Pensions Authority on January 1 next year and be granted much stronger powers to drive policy, ensure it is properly implemented and rule on disputes between national supervisors.

To help EIOPA do so CEIOPS has called for an ‘expression of interest’ from groups to become members of its inner council of advisers within its Insurance and Reinsurance Stakeholder Group.

FERMA is keen to ensure that the voice of the policyholder is heard at the European level as new policy is created and ongoing projects such as Solvency II and the Insurance Mediation Directive (IMD) are implemented across the EU.

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CEIOPS said that members of the group, 30 in total, will be individuals appointed to represent in ‘balanced proportions’ insurance and reinsurance undertakings and insurance intermediaries that operate in the union, and their employees’ representatives, as well as consumers, users of insurance and reinsurance services, representatives of SMEs and representatives of relevant professional associations.

At least five of the group’s members will be independent ‘top-ranking’ academics. Ten members will represent insurance undertakings, reinsurance undertakings or insurance intermediaries, three of whom shall represent cooperative and mutual insurers or reinsurers, said CEIOPS.

Members of the Insurance and Reinsurance Stakeholder Group may also be members of the other advisory group to be set up—the Occupational Pensions Stakeholder Group.