Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • May 2013
05

Bernardino wants industry levy to help fund EIOPA

Open-access content Tuesday 28th May 2013 — updated 5.13pm, Wednesday 29th April 2020

Europe’s insurance and pensions industries should have to pay a levy to help fund a stronger, more interventionist European Insurance and Occupational Pensions Authority, the chair of the regulatory body has said.

2

Speaking in Brussels on Friday, Gabriel Bernardino said there was a 'clear need' to strengthen EIOPA's operational independence, for it to be more proactive in challenging national supervisors and for it to be given a stronger mandate and powers.

'I believe that the current structure of the European system of financial supervision achieved important results in a very challenging environment... We should build on these achievements and improve the system,' he explained.

'We should focus on substance and not on the theoretical debate about the optimal structure. There is no silver bullet in terms of structures. They all have pros and cons.

'In my view there are three key points where there is a clear need for evolution: to strengthen EIOPA's operational independence, to reinforce our independent challenging role towards national competent authorities and to enhance EIOPA's mandate and powers.'

Consideration should be given to whether a fee should be levied on the industry for 'partial financing' of its increased mandate, Bernardino said. EIOPA should also be given an independent budget within the central budget of the EU, he added.

EIOPA's budget for 2013 totals just over €18m, of which €11m is contributed by member states and the remainder comes from the EU itself.

Bernardino also claimed that 'further flexibility' is needed in the body's budgetary framework to allow it to attract the highly qualified staff needed to implement Solvency II, the new rules governing Europe's insurance industry.

Enabling EIOPA to challenge national regulators should involve extending its powers to conduct an inquiry into a particular type of financial institution, type of product or type of conduct, he said.

'This power should not be confined to situations of potential threats to the stability of the financial system but be used more generally to support the independent challenging role of EIOPA,' he explained.

Enhancing the mandate and power of the body should also involve it being given more supervisory power over the 'largest important cross-border' insurance groups, and to extend its powers to cover personal pensions, he added.

This article appeared in our May 2013 issue of The Actuary .
Click here to view this issue

You may also be interested in...

2

Solvency II is still needed, says Standard & Poor's

New rules governing Europe’s insurance industry are still needed despite the damage to investor confidence being caused by delays to their introduction, Standard & Poor’s said today.
Wednesday 15th May 2013
Open-access content
2

Moody's maintains stable outlook for UK general insurance sector

Cost cutting will have an increasingly big role to play as the UK general insurance sector attempts to maintain its profitability over the next 12 months, Moody’s said today.
Thursday 2nd May 2013
Open-access content
ta

US pension deficits jumped by $37bn last month, says Milliman

The combined deficit of the 100 largest corporate pension plans in the US increased by $37bn in April as the interest rates used to value pension liabilities fell, Milliman said today.
Thursday 9th May 2013
Open-access content
2

Motor insurance premiums 'fell £200m last year'

The combined value of motor insurance premiums written in the UK last year totalled £13.1bn, almost £200m less than in 2011, Deloitte revealed yesterday.
Thursday 23rd May 2013
Open-access content

Institutional investors 'to increase exposure to emerging markets'

Fund managers expect emerging market debt and equity to be the key growth areas for institutional investment over the next 18 months, according to Aon Hewitt.
Tuesday 14th May 2013
Open-access content
2

Volume of major pension risk transfer deals hits four year high

There were 14 pension buy-in and buy-out deals worth over £100m completed last year, the most since 2008, according to figures published by LCP today.
Monday 13th May 2013
Open-access content
Filed in
05
Topics
General Insurance
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Reserving Analyst

London (City of)
Negotiable
Reference
149485

Senior GI Modeler - Capital and Planning

London (Central)
£ excellent
Reference
149436

Risk Oversight Manager

Flexible / hybrid with a minimum of 2 days per week office-based
£ excellent
Reference
149435
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ