The Insurance and Reinsurance Stakeholder Group to consist of 10 industry representatives
The European Insurance and Occupational Pensions Authority (EIOPA) today announced the members of its two stakeholder groups, the Insurance and Reinsurance Stakeholder Group and the Occupational Pensions Stakeholder Group.
These groups each include 30 members and are set up to manage EIOPA’s consultation with stakeholders in Europe on regulatory issues that apply to the insurance and occupational pensions industry.
Members of the stakeholder groups can submit opinions and advice to EIOPA. The stakeholder groups are expected to notify EIOPA of any inconsistent application of European Union law as well as inconsistent supervisory practices in the different European member states.
The new Insurance and Reinsurance Stakeholder Group is currently composed of ten industry representatives, five consumers, eight users of insurance and reinsurance services, two representatives of trade unions and five independent academics.
The new Occupational Pensions Stakeholder Group is currently composed of ten industry representatives, three beneficiaries and consumers, five professional users, seven employee/employer representatives and five independent academics. Both stakeholder groups are expected to convene for the first time at the beginning of the second quarter of 2011.
EIOPA received around 100 applications from high level experts for each stakeholder group after a public invitation for interested candidates to apply for membership.
Those eligible for membership were qualified individuals selected on the basis of their expertise in the area of financial services.
The members of the stakeholder groups were appointed by EIOPA’s Board of Supervisors after a pre-selection by EIOPA and its Management Board. The new stakeholder groups replace the Consultative Panel that was established under CEIOPS, the organisation that preceded EIOPA. At a minimum, the stakeholder groups will meet four times a year. The members of the stakeholder groups may serve up to two consecutive terms of two-and-a-half years each.
