The Joint Advisory Board of Appeal of the European Supervisory Authorities (ESAs) has dismissed an appeal from Euroins Insurance Group AD against the European Insurance and Occupational Pensions Authority (EIOPA).

The board unanimously decided that the appeal from the Romanian insurance company was inadmissible.

Euroins’ appeal was submitted in relation to an EIOPA report that assessed the valuation of Euroins’ technical provisions.

The insurance group requested that the Board of Appeal annulled the EIOPA report at it believed EIOPA had acted in excess of its regulatory powers and infringed Euroins Romania’s rights, as well as the principles of proportionality, independence, objectivity and transparency.

However, the Board of Appeal found that the EIOPA report did not have a legally binding effect on national authorities and therefore could not be challenged.

Furthermore, the board concluded that Euroins had the right to challenge the decisions of national authorities that were adopted on the basis on the EIOPA report in front of national courts.

In its decision, the board stated: “It must be concluded that the EIOPA report does not constitute a challengeable act for the purposes of Article 60 of the EIOPA Regulation.

“That conclusion is not called into question by the arguments put forward by Euroins invoking its right to an effective remedy as enshrined in Articles 6 and 13 of the European Convention for the Protection of Human Rights and Fundamental Freedoms and which has also been reaffirmed by Article 47 of the Charter of fundamental rights.

“While an action for annulment may not lie against acts which do not have any binding legal effects, a challenge to the EIOPA report could be put forward in the context of a challenge against any acts of national authorities or court decisions adopted on the basis that report.”

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