The European Insurance and Occupational Pensions Authority (EIOPA) “stands ready” to implement and enforce regulations where needed and to flag areas requiring further action that are not within its current mandate, according to EIOPA chairperson, Petra Hielkema.

Speaking at EIOPA’s Annual Conference yesterday, 21 November, in Frankfurt, Hielkema emphasised the organisation’s readiness to act, leveraging its role as the hub for insurance and pensions data and the consumer protection authority.

“EIOPA stands ready as the consumer protection authority, ensuring fair value for money and fostering inclusion. EIOPA also stands ready as the hub for insurance and pensions data, sharing insights where possible, leveraging new technologies, and engaging in dialogue with all of you,” she said.

“EIOPA stands ready as the authority for effective prudential supervision, ensuring consistency and fostering convergence.”

Hielkema added that if the pensions industry focused its efforts in these areas, the benefits would extend to insurers and consumers alike, enhancing the competitiveness of the European Union (EU) as a whole.

“Competitiveness should be about the EU coming together and speaking with one European voice and standing strong in the world, not about the 27 competing with each other,” she added.

In addition, she said EIOPA would continue to “maintain trust in the system through sound, evidence-based supervision, which helps companies make full use of the single market and ensures consumers can trust and safely invest their savings”.

She said that insurance was about assessing and managing risks for everyone’s benefit, adding that EIOPA was here to “support this mission, addressing the challenges ahead together”.

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