2004/6/EC: Commission Decision of 5 November 2003 establishing the Committee of European Insurance and Occupational Pensions Supervisors (Text with EEA relevance)
Date: 2003-11-05
Institutions: European Commission
Subjects: EU control, committee (EU), financial control, insurance, pension scheme

L 3/30

EN

Official Journal of the European Union

7.1.2004

COMMISSION DECISION

of 5 November 2003

establishing the Committee of European Insurance and Occupational Pensions Supervisors

(Text with EEA relevance)

(2004/6/EC)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

(6)

Having regard to the Treaty establishing the European
Community,

Whereas:

The Committee should organise its own operational
arrangements, in particular take account of the specifici-
ties of the relevant competent authorities, and maintain
close operational links with the Commission and with
the Committee established by Commission Decision
2004/9/EC of 5 November 2003, establishing a Euro-
pean
Pensions
Committee (3).
its chairperson from
among its members.

and
should elect

Insurance
It

Occupational

(1)

(2)

(3)

(4)

In June 2001, the Commission adopted Decisions 2001/
2001/528/EC (2)
527/EC (1)
the
Committee of European Securities Regulators and the
European Securities Committee respectively.

setting

and

up

In its Resolutions of 5 February and 21 November 2002,
the European Parliament endorsed the four-level regula-
tory framework advocated in the
the
Committee of Wise Men and called for certain aspects of
that approach to be extended to the banking and insur-
ance sectors subject to a clear Council commitment to
reform to guarantee a proper institutional balance.

report of

On 3 December 2002, the Council invited the Commis-
sion to implement such arrangements in the field of
banking and insurance and occupational pensions, and
to establish as soon as possible new committees in an
advisory capacity in relation to those fields.

A Committee of European Insurance and Occupational
Pensions Supervisors (hereinafter ‘the Committee’) should
be established to serve as an independent body for
reflection, debate and advice for the Commission in the
insurance, reinsurance and occupational pensions fields.
However, as regards the occupational pensions field,
while the Committee should consider regulatory and
supervisory aspects relating to such arrangements,
it
should not address labour and social law aspects, such as
the organisation of occupational regimes, and in particu-
lar,
issues relating to compulsory membership (affilia-
tion) or the results of collective bargaining agreements.

(5)

The Committee should also contribute to the consistent
and timely implementation of Community legislation in
the Member States by securing more effective coopera-
tion between national supervisory authorities, carrying
out peer reviews and promoting best practices.

(7)

(8)

The Committee should at an early stage consult exten-
sively and in an open and transparent manner with
market participants, consumers and end-users.

The Committee should drawn up its own rules of proce-
dure and fully respect the prerogatives of the institutions
and the institutional balance established by the Treaty,

HAS DECIDED AS FOLLOWS:

Article 1

An independent advisory group on insurance and occupational
pensions in the Community, called the ‘Committee of European
Insurance and Occupational Pensions Supervisors’, hereinafter
‘the Committee’, is established.

Article 2

The role of the Committee shall be to advise the Commission,
either at the Commission's request, within a time limit which
the Commission may lay down according to the urgency of the
matter, or on the Committee's own initiative, in particular as
regards the preparation of draft implementing measures in the
fields of insurance, reinsurance and occupational pensions.

The Committee shall contribute to the consistent implementa-
tion of Community Directives and to the convergence of
Member States' supervisory practices throughout
the Com-
munity.

The Committee shall also constitute a forum for supervisory
cooperation, including the exchange of information on super-
vised institutions.

(1) OJ L 191, 13.7.2001, p. 43.
(2) OJ L 191, 13.7.2001, p. 45.

(3) See page 34 of this Official Journal.

7.1.2004

EN

Official Journal of the European Union

L 3/31

Article 3

The Committee shall be composed of high level representatives
from the national public authorities competent in the field of
supervision of
and occupational
pensions. Each Member State shall designate high level repre-
sentatives from its competent authorities to participate in the
meetings of the Committee.

reinsurance

insurance,

The Commission shall be present at meetings of the Committee
and shall designate a high level representative to participate in
all its debates.

Whenever discussion of an item on the agenda entails the
exchange of confidential information concerning a supervised
institution, participation in such discussion may be restricted to
the supervisory authorities directly involved.

The Committee shall elect a chairperson from among its
members.

The Committee may invite experts and observers to attend its
meetings.

The Committee shall not address labour and social law aspects
such as the organisation of occupational regimes, in particular
collective
compulsory membership and
bargaining agreements.

results of

the

It may set up working groups. The Commission shall be invited
to participate in the working groups as observer.

Article 5

the
Before transmitting its opinion to the Commission,
Committee shall, at an early stage, consult extensively and in
an open and transparent manner with market participants,
consumers and end-users.

Article 6

The Committee shall submit an annual report to the Com-
mission.

Article 7

The Committee shall adopt its own rules of procedure and
organise its own operational arrangements.

The Committee shall take up its duties on 24 November 2003.

Article 8

Done at Brussels, 5 November 2003.

Article 4

The Committee shall maintain close operational links with the
Commission and with the Committee established by Decision
2004/9/EC.

For the Commission

Frederik BOLKESTEIN

Member of the Commission