EIOPA’s criteria to assess independence of supervisory authorities
The European Insurance and Occupational Pensions Authority (EIOPA) has published in a report the criteria it applies to assess the independence of supervisory authorities, in order to fulfil its obligation to ensure legitimacy and credibility of the process under the newly revised EIOPA Regulation (Article 8(1)).
It has done so in close cooperation with other European supervisory authorities, and taking global standards into account (such as IAIS).
The four principles it sets out in the report are: operational independence; accountability and transparency; financial independence; and personal independence.
EIOPA plans to add dedicated peer reviews to its assessment process (as mentioned in Article 30(3)).