2009/79/EC: Commission Decision of 23 January 2009 establishing the Committee of European Insurance and Occupational Pensions Supervisors (Text with EEA relevance)
Date: 2009-01-23
Institutions: European Commission
Subjects: EU control, committee (EU), financial control, insurance, pension scheme

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Official Journal of the European Union

29.1.2009

COMMISSION DECISION

of 23 January 2009

establishing the Committee of European Insurance and Occupational Pensions Supervisors

(Text with EEA relevance)

(2009/79/EC)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty
Community,

establishing the European

Whereas:

(1)

(2)

(3)

Decision

the
adopted

so-called Lamfalussy process,
2004/6/EC

the
As part of
Commission
of
5 November 2003 establishing the Committee of
European Insurance and Occupational Pensions Super­
(hereinafter ‘the Committee’). The Committee
visors (1)
took up its duties on 24 November 2003, serving as
an independent body for reflection, debate and advice
of the Commission in the insurance, reinsurance and
occupational pensions fields.

amending

94/19/EC,

Council Directives

Fulfilling the provisions of Directive 2005/1/EC of the
the Council of 9 March
European Parliament and of
2005
73/239/EEC,
85/611/EEC, 91/675/EEC, 92/49/EEC and 93/6/EEC
2000/12/EC,
and Directives
2001/34/EC, 2002/83/EC and 2002/87/EC in order to
establish a new organisational structure for
financial
services committees (2), the Commission carried out a
review of
in 2007 and
Lamfalussy process
in a Communication of
presented its
20 November 2007 entitled ‘Review of the Lamfalussy
process — Strengthening supervisory convergence’ (3).

assessment

98/78/EC,

the

In the Communication, the Commission pointed out the
importance of
the Committee of European Securities
Regulators, the Committee of European Banking Super­
visors and the Committee of European Insurance and
‘the
Occupational
Committees of Supervisors’) in an increasingly integrated
European financial market. A clear framework for the
activities of these Committees in the area of supervisory
convergence and cooperation was deemed necessary.

Supervisors

(hereinafter

Pensions

(5)

(6)

(7)

(8)

all different options to strengthen the working of those
Committees, without unbalancing the current
institu­
tional structure or reducing the accountability of super­
visors (4).

At its meeting of 13 and 14 March 2008, the European
Council called for swift improvements to the functioning
of the Committees of Supervisors (5).

invited

the Council

On 14 May 2008 (6),
the
Commission to revise the Commission Decisions estab­
lishing the Committees of Supervisors so as to ensure
coherence and consistency in their mandates and tasks
as well as to strengthen their contributions to supervisory
cooperation and convergence. The Council noted that
specific tasks could be explicitly given to the Committees
to foster supervisory cooperation and convergence, and
their
stability.
Therefore a reinforced legal
framework regarding the
role and tasks of the Committee in this respect should
be provided.

in assessing risks

to financial

role

The Committee should serve as an independent advisory
group of the Commission in the insurance, reinsurance
and occupational pensions fields. However, as regards the
occupational pensions field, while the Committee should
consider the regulatory and supervisory aspects relating
to such arrangements, it should not address labour and
social law aspects, such as the organisation of occupa­
relating to
tional
compulsory membership
collective
agreements.

regimes, and in particular,

issues
or

(affiliation)

The Committee’s mandate should cover the supervision
of financial conglomerates. To avoid duplication of work,
to prevent any inconsistencies, to keep the Committee
abreast of progress, and to give it the opportunity to
collaboration with the
the
exchange
in the
Committee of European Banking Supervisors
supervision of
be
exercised in the Joint Committee on Financial Conglom­
erates.

conglomerates

information,

financial

should

(4) While reviewing the functioning of

the Lamfalussy
invited the Commission to clarify
process, the Council
the role of the Committees of Supervisors and consider

(9)

The Committee should also contribute to the common
and uniform day-to-day implementation of Community
legislation and its consistent application by the super­
visory authorities.

(1) OJ L 3, 7.1.2004, p. 30.
(2) OJ L 79, 24.3.2005, p. 9.
(3) COM(2007) 727 final.

(4) Council Conclusions 15698/07 of 4 December 2007.
(5) Council Conclusions 7652/1/08 Rev 1.
(6) Council Conclusions 8515/3/08 Rev 3.

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Official Journal of the European Union

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(10)

(11)

(12)

(13)

(14)

(15)

The Committee does not have any regulatory powers at
Community level.
reviews,
promote best practices and issue non-binding guidelines,
recommendations and standards in order to increase
convergence across the Community.

It should carry out peer

are

central
supervisory

(18) Quality, comparability and consistency of supervisory
of
reporting
the
and
Community
compliance burden on cross-border
institutions. The
Committee should contribute to ensuring that overlap
and duplication is eliminated and that
the reporting
data is comparable and of appropriate quality.

cost-efficiency

arrangements

the

to

Enhanced bilateral and multilateral supervisory cooper­
ation depends on the mutual understanding and trust
between supervisory authorities. The Committee should
contribute to the improvement of such cooperation.

(19)

also

should

Committee

The
convergence across the Community.
more specific about
open-ended list of
Committee should be established.

supervisory
to be
this objective, an indicative and
to be carried out by the
tasks

In order

foster

In order to resolve disputes of a cross-border nature
between supervisory authorities,
in particular within
colleges of supervisors, a voluntary and non-binding
mediation mechanism should be provided by the
Committee.

To benefit from the expertise acquired by the Committee
and without prejudice to the powers of supervisory au-
thorities, the supervisory authorities should be able to
refer matters
to the Committee with a view to
obtaining its non-binding opinion.

the Committee,

Financial systems in the Community are closely linked
and events in one Member State can have a significant
impact on financial
institutions and markets in other
Member States. The continuing emergence of financial
conglomerates and the blurring of distinctions between
the activities of
firms in the banking, securities and
insurance sectors give rise to additional supervisory chal­
In order to
lenges at national and Community level.
safeguard financial stability, a system is needed at the
level of
the Committee of European
Banking Supervisors and the Committee of European
Securities Regulators in order to identify potential risks,
across borders and across sectors, at an early stage and,
where necessary, inform the Commission and the other
Committees.
the
Committee ensures that finance ministries and national
central banks of the Member States are informed. The
Committee has its role to play in this respect by iden­
tifying risks in the insurance, reinsurance and occupa­
tional pension sectors and regularly reporting on the
outcome to the Commission. The Council should also
these assessments. The Committee
be
should also cooperate with the European Parliament
information on the
and provide
situation in the
sector. The Committee
should not, in this context, disclose information on indi­
vidual supervised entities.

it with periodic
insurance

informed of

Furthermore,

essential

that

is

it

is

to their

functions.

fundamental

The exchange of information between the supervisory
authorities
is
central for the efficient supervision of insurance groups
and for financial stability. Whilst the insurance legislation
imposes clear legal obligations on supervisory authorities
to cooperate and exchange information, the Committee
should facilitate practical day-to-day exchange of infor­
mation between them, subject to relevant confidentiality
provisions set out in applicable legislation.

It

(20)

In order to adequately deal with cross-sector issues, the
activities of the Committee should be coordinated with
those of the Committee of European Securities Regu­
lators, the Committee of European Banking Supervisors
and the Banking Supervision Committee of the European
System of Central Banks. This is of particular importance
in addressing possible cross-sectoral risks to financial
stability.

(16)

In order to reduce the duplication of supervisory tasks
and thereby streamline the supervisory process as well as
the
reduce the burden imposed on insurance groups,
Committee should facilitate the delegation of
tasks
in particular in cases
between supervisory authorities,
specified in the relevant legislation.

(21) Given the globalisation of

financial services and the
increased importance of
the
Committee should also foster dialogue and cooperation
with supervisors outside the Community.

international

standards,

(17) With a view to fostering convergence and consistency
across the colleges of supervisors and thereby ensuring
a level playing field, the Committee should monitor their
functioning without constraining the independence of the
members of the college.

(22)

the Committee
the
The
accountability of
Community Institutions
is of high importance and
should be of a well established standard while respecting
the independence of supervisors.

towards

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Official Journal of the European Union

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The Committee should draw up its own rules of
procedure and fully respect the prerogatives of the insti­
tutions and the institutional balance established by the
Treaty. The enhanced framework of the activities of the
Committee should be accompanied by improved working
processes. To this end, if consensus cannot be reached,
decisions should be taken by qualified majority corre­
sponding to the rules set out in the Treaty.

(b) provide opinions to supervisory authorities in cases specified

in the relevant legislation or at their request;

(c) promote the effective bilateral and multilateral exchange of
to

information between supervisory authorities
applicable confidentiality provisions;

subject

(23)

(24)

reasons of

For
2004/6/EC should be repealed,

legal

security and clarity Decision

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 hereby established.

Article 2

The Committee shall advise the Commission,
in particular as
regards the preparation of draft implementing measures in the
fields of
reinsurance, occupational pensions and
financial conglomerates, on its own initiative or at the request
of the Commission.

insurance,

Where the Commission requests advice from the Committee, it
may lay down a time limit within which the Committee shall
provide such advice. Such time limit shall be laid down taking
into account the urgency of the matter.

Article 3

fulfil

The Committee shall
the tasks assigned to it and
contribute to the common and uniform implementation and
consistent application of Community legislation by issuing
guidelines, recommendations and standards.

Article 4

shall

enhance

The Committee

1.
cooperation between
national supervisory authorities in the insurance, reinsurance
and occupational pensions fields and foster the convergence
of Member States’
and approaches
supervisory practices
throughout the Community. To this effect,
it shall carry out,
at least, the following tasks:

(d) facilitate the delegation of tasks between supervisory au-
in particular by identifying tasks which can be

thorities,
delegated and by promoting best practices;

(e) contribute to ensuring the efficient and consistent

func­
tioning of colleges of supervisors in particular through
setting guidelines
functioning of
colleges, monitoring the coherence of the practices of the
different colleges and sharing best practices;

the operational

for

(f) contribute to developing high quality and common super­

visory reporting standards;

(g) review the practical

the non-binding
guidelines, recommendations and standards issued by the
Committee.

application of

The Committee shall review the Member States’ super­
2.
visory practices and assess their convergence on an ongoing
report annually on progress
basis. The Committee
achieved and identify the remaining obstacles.

shall

The Committee shall develop new practical convergence

3.
tools to promote the common supervisory approaches.

Article 5

1.
The Committee shall monitor and assess developments in
the insurance, reinsurance and occupational pensions sector
and, where necessary, inform the Committee of European Se-
curities Regulators, the Committee of European Banking Super­
visors and the Commission. The Committee shall ensure that
the finance ministries and national central banks of the Member
States are informed about potential or imminent problems.

2.
The Committee shall, at least twice a year, provide to the
Commission assessments of micro-prudential trends, potential
risks and vulnerabilities in the insurance, reinsurance and occu­
pational pensions sector.

The Committee shall
include in these assessments a classifi­
cation of the main risks and vulnerabilities and indicate to
to
what extent such risks and vulnerabilities pose a threat
financial stability and, where necessary, propose preventative
or remedial actions.

(a) mediate or facilitate mediation between supervisory au-
thorities in cases specified in the relevant legislation or at
the request of a supervisory authority;

The Council shall be informed of these assessments.

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the Committee shall

The Committee shall have in place procedures enabling
3.
the supervisory authorities to react promptly. Where appro­
priate,
facilitate a common position
within the Community on risks and vulnerabilities which may
the stability of the financial system of the
negatively affect
Community.

The Committee may invite experts and observers to attend

4.
its meetings.

The Committee shall not address labour and social

5.
aspects such as the organisation of occupational regimes,
particular compulsory membership and collective agreements.

law
in

The Committee shall ensure an adequate coverage of
4.
cross-sectoral developments, risks and vulnerabilities by closely
cooperating with the Committee of European Securities Regu­
lators, the Committee of European Banking Supervisors and the
Banking Supervision Committee of
the European System of
Central Banks.

Article 8

1.
The members of the Committee shall be required not to
disclose information covered by the obligation of professional
secrecy. All participants in the discussions shall be obliged to
comply with the applicable rules of professional secrecy.

Article 6

1.
The Committee shall contribute to the development of
common supervisory practices in the field of insurance, rein­
surance and occupational pensions as well as on a cross-sectoral
basis in close cooperation with the Committee of European
Securities Regulators and the Committee of European Banking
Supervisors.

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

Article 9

training

To this effect, it shall in particular establish sectoral and
2.
cross-sectoral
personnel
exchanges and encourage competent authorities to intensify
the use of secondment schemes,
joint inspection teams and
supervisory visits and other tools.

programmes,

facilitate

The Committee

3.
appropriate, develop new
as
instruments to promote the development of common super­
visory practices.

shall,

The Committee shall enhance cooperation with the super­
4.
visory authorities of third countries, in particular by their parti­
cipation in common training programmes.

Article 7

1.
The Committee shall be composed of high-level represen­
tatives from the national public authorities competent in the
field of supervision of insurance, reinsurance and occupational
pensions. Each Member State shall designate a high level rep­
resentative from its competent authorities to participate in the
meetings of the Committee.

2.
the
The Commission shall be present at meetings of
Committee and shall designate a high level representative to
participate in its debates.

the outcome of

The Committee shall regularly inform the Commission
1.
shall have regular
about
It
and Occupational
contacts with the European Insurance
Pensions Committee
established by Commission Decision
2004/9/EC (1) and the competent Committee of the European
Parliament.

its activities.

2.
The Committee shall ensure cross-sectoral consistency of
work in the financial services sectors by regularly and closely
cooperating with the Committee of European Securities Regu­
lators and the Committee of European Banking Supervisors.

The chairperson of

3.
the Committee shall have regular
contact with the chairpersons of the Committee of European
the Committee of European
Securities Regulators and of
Banking Supervisors, at least once a month.

Article 10

The Committee may set up working groups. The Commission
shall be invited to the meetings of the working groups as an
observer.

Article 11

The Committee shall cooperate in the area of supervision of
financial conglomerates with the Committee of European
Banking Supervisors
Joint Committee on Financial
Conglomerates.

in a

The Commission and the European Central Bank shall be
invited to the meetings of the Joint Committee on Financial
Conglomerates as observers.

The Committee shall elect a chairperson from among its

3.
members.

(1) OJ L 3, 7.1.2004, p. 34.

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Article 12

transmitting its opinion to the Commission,

Before
the
Committee shall, at an early stage, consult market participants,
consumers and end-users extensively and in an open and trans­
parent manner. The Committee shall publish the results of the
consultations, unless the respondent requests otherwise.

Article 13

The Committee shall establish an annual work programme and
transmit it to the Council, the European Parliament and the
Commission by
each year. The
Committee shall periodically and at least annually inform the
Council, the European Parliament and the Commission on the
achievement of the activities set out in the work programme.

end of October

the

Committee shall be prepared to present the reasons for this
choice.

Article 15

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

With regard to decisions concerning amendments to the rules
of the procedure and elections to and dismissals from the Board
of the Committee, the rules of procedure may foresee decision-
making procedures that are different from those set out in
Article 14.

Article 16

Decision 2004/6/EC is repealed.

Article 17

Article 14

This Decision shall take effect on the day of its publication in
the Official Journal of the European Union.

The Committee shall work by consensus of its members. If no
consensus can be reached, decisions shall be taken by qualified
majority. The votes of the representatives of the Members of the
Committee shall correspond to the votes of the Member States
as laid down in Articles 205(2) and (4) of the Treaty.

Members of the Committee which do not follow the guidelines,
recommendations, standards and other measures agreed by the

Done at Brussels, 23 January 2009.

For the Commission

Charlie McCREEVY
Member of the Commission