Areas of Union competence deriving from the Treaty (Articles 26, 114, 290, 291 of the Treaty on the Functioning of the European Union) — Establish or ensure the functioning of the internal market, in accordance with the relevant provisions of the Treaties. — Prepare draft technical standards as preparatory work for non-legislative acts of general application to supplement or amend certain non-essential elements of the legislative act or where uniform conditions for implementing legally binding Union acts are needed.

Competences of the Authority (Regulation (EU) No 1094/2010 of the European Parliament and of the Council establishing the Authority, Articles 1(6) and Article 8 on tasks and powers) Objectives Protect the public interest by contributing to the short, medium and long-term stability and effectiveness of the financial system, for the Union economy, its citizens and businesses. Tasks — To contribute to the establishment of high-quality common regulatory and supervisory standards and practices, — to contribute to the consistent application of legally binding Union acts, to stimulate and facilitate the delegation of tasks and responsibilities among competent authorities, — to cooperate closely with the ESRB, — to organise and conduct peer review analyses of competent authorities, — to monitor and assess market developments in the area of its competences, — to undertake economic analyses of markets to inform the discharge of the Authority’s functions, — to foster the protection of policyholders, pension scheme members and beneficiaries, — to contribute to the consistent and coherent functioning of colleges of supervisors, the monitoring, assessment and measurement of systemic risk, the development and coordination of recovery and resolution plans, providing a high level of protection to policy holders, to beneficiaries and throughout the Union, — to fulfil any other specific tasks set out in this Regulation or in other legislative acts, — to publish on its website, and to update regularly, information relating to its field of activities, — to take over, as appropriate, all existing and ongoing tasks from the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS).

Governance (Regulation (EU) No 1094/2010 establishing the Authority: Articles 40-44: Board of Supervisors; Articles 45-47: Management Board; Articles 48-50: Chair; Articles 51-53: Executive Director) Board of Supervisors (BoS) Composition Chairperson (non-voting), the head of the national public authority competent for the supervision of financial institutions in each Member State (voting), one representative of the Commission, of the European Systemic Risk Board, the European Banking Authority, the European Securities Markets Authority (all non-voting); observers may be permitted. Tasks The Authority’s main decision-making body. Management Board (MB) Composition Chairperson of the Authority, six representatives of national supervisory authorities. The Executive Director and a representative of the European Commission shall participate in meetings of the MB without the right to vote. Tasks The MB shall ensure that the Authority carries out its mission and performs the tasks assigned to it in accordance with Regulation No 1094/2010. The MB shall exercise budgetary powers and adopt the staff policy plan and staff implementing measures. The Authority’s Chairperson Represents the Authority, prepares the work of the Board of Supervisors (BoS), chairs the BoS and MB meetings. The Authority’s Executive Director Is in charge of the management of the Authority and the implementation of the annual work programme and the budget; prepares the work of the Management Board, the budget, the work programme. Quality Control Committee Composition The Authority’s Alternate Chairperson, two Members of the Management Board, the Executive Director. Tasks To oversee and assess appropriate implementation of the internal procedures and decisions. External audit European Court of Auditors. Internal audit European Commission’s Internal Audit Service (IAS). Discharge authority European Parliament acting on a recommendation from the Council.

Resources made available to the Authority in 2012 Final Budget Final Budget Appropriations: 15 655 000 euro Establishment Plan Statutory staff: 69 posts authorised in the establishment plan, of which occupied: 69 Establishment plan 100 % fulfilled Contract staff posts: 12 planned in the budget, 14 occupied Seconded National Experts posts: eight planned in the budget, of which occupied: eight Total: 91 staff

Products and services in 2012 Regulatory tasks — Opinion on Interim Measures Regarding Solvency II. — Opinion on External Models and Data. — Four public consultations related to different areas of the Authority’s activities (Insurance and Pensions). — Provision of advice on the review of the Institutions for Occupational Retirement Provision (IORP) directive. — Report on the Role of Insurance Guarantee Schemes in the Winding-Up Procedures of Insolvent Undertakings in the EU/EEA. — EIOPA Final Report on Public Consultation N11/008 on the proposal for Guidelines on Own Risk and Solvency Assessment. — EIOPA Final Report on Public Consultation N11/009 and 11/011 on the Proposal for the Reporting and Disclosure Requirements. Supervisory tasks — The Authority’s participation in Colleges of Supervisors of 75 insurance groups. — Action Plan for Colleges 2012 including annexes, e.g. catalogue with elements for information exchange, End of year Report on the Functioning of Colleges and the Accomplishments of the 2011 Action Plan. Consumer protection and financial innovation — Guidelines on Complaints-Handling by Insurance Undertakings. — Report on Best Practices by Insurance Undertakings in handling complaints. — Methodology Report for collecting, analysing and reporting on consumer trends. — EIOPA’s updated Survey of the competences of national competent authorities in the field of Consumer Protection. — Procedures for issuing warnings and temporary restrictions/prohibitions. — Report on Good Practices for Disclosure and Selling of Variable Annuities. — Initial Overview of Consumer Trends in the European insurance and occupational pensions sectors. Common supervisory culture — Four cross-sector seminars. — 17 seminars for national competent authorities. — Development of methodology for three peer reviews. Financial stability — Two bi-annual Financial Stability Reports. — Preparation of Europe-wide stress test for the insurance sector (test postponed due to LTGA). — Production of quarterly Risk Dashboard. — Preparation of the Long-Term Guarantee Assessment. Crisis management — Finalisation of a comprehensive, decision-making framework setting in detail the processes that the Authority will follow in discharging its crisis pre-emption and management responsibilities. — Agreement of an EIOPA common approach on dealing with sovereign and banking exposures. — Development of an EIOPA Opinion on the supervisory response to a prolonged period of low interest rates. — Detailed contribution to the European Commission consultation on recovery and resolution for non-bank financial institutions. External relations — 11 meetings, including a joint one with BoS, of IRSG and OPSG, nine official opinions and feedback statements, eight informal consultations on ‘work-in-progress’. — Approximately 20 Regulatory and Supervisory Dialogues with third country supervisors and supervisory associations from Austral-Asia, Latin and North America, South Africa, Iceland and Switzerland. Active participation in and contributions to the IAIS Technical and Executive Committee, Financial Stability Committee, Solvency & Actuarial Subcommittee and IAIS Annual Conference. — EU-US Dialogue Project: Publication of the strategic ‘Way Forward’ document and the final Report of the seven Technical Committees, two Public Hearings in Washington DC and Brussels. — Gap analysis of the (re)insurance regimes of Australia, Chile, China, Hong Kong, Israel, Mexico, Singapore, South Africa, including full professional secrecy assessment, as basis for an EC decision on equivalence transitionals. — Cooperation agreement with the Croatian Financial Services Supervisory Agency (CFSSA/HANFA). Conferences / other public events 2012 — Four conferences and events (‘Conference on Global Insurance Supervision (GIS)’, Launch Event ‘QIS (Quantitative Impact Study) for Pensions’, annual EIOPA Conference and second Consumer Strategy Day).