European Insurance and Occupational Pensions Authority meaning

Other developments Here is a round-up of further developments not explored in full by the Lexis+ Financial Services practical guidance team but which may still be of interest: CP25/31: The framework for a UK equity consolidated tape [Update] Note on the Construction of CP25/31 Cost Benefit Analysis (CBA) Minutes of the UK Money Markets Code Sub-Committee – December 2025 CCR009 return – relevant ancillary credit firm [Update] Report on Marketing requirements and marketing communications under the regulation on cross-border distribution of funds ESAs’ Joint Board of Appeal rules on reimbursement of costs in an appeal brought by NOVIS Insurance Company against the European Insurance and Occupational Pensions Authority (EIOPA) ...

The European Insurance and Occupational Pensions Authority (EIOPA) has, for years, warned about a widening ‘natural catastrophe insurance protection gap’ across the EU. This gap captures the mismatch between overall losses caused by natural disasters and the portion of those losses that are insured. According to EIOPA and the European Central Bank (ECB), from 1981 to 2023 natural catastrophes cost EU member states €900bn, with one fifth of that bill arising in just the most recent three years. Over the same period, only around a quarter of losses were insured, and that proportion is falling. We have previously outlined EIOPA’s worries about the consequences of this catastrophe gap (see here). In this article, we examine the actions that EIOPA and the ECB now formally propose to narrow the protection gap, as set out in a paper issued on 18 December 2024 (the 2024 Paper). In brief, the proposals (explained further below) rest on two pillars: a public–private, EU‑wide reinsurance facility (designed to complement existing national insurance schemes in some member...

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Scope of this Practice Note This Practice Note offers guidance on the European Supervisory Authorities (ESAs): European Securities and Markets Authority (ESMA) European Banking Authority (EBA) European Insurance and Occupational Pensions Authority (EIOPA) Among other matters, it explains their roles and general powers to prepare draft technical standards, and to issue opinions, guidance and recommendations to national supervisors within the EU. Together with the European Systemic Risk Board (ESRB) and the national competent authorities (NCAs) of EU Member States, the ESAs form the European System of Financial Supervision (ESFS). The ESAs collaborate with the ESRB to safeguard financial stability and to strengthen and enhance the EU supervisory framework, aiming to improve co-ordination among national supervisory bodies and to raise the quality of national supervision across the EU. The ESAs also issue guidance and recommendations which national supervisors and firms must make every effort to follow. Where the ESAs consider that a national competent authority (NCA) is failing...

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z This glossary provides helpful (re)insurance and underwriting definitions. For focused guidance on reinsurance terminology, see Practice Note: Reinsurance—essentials. A Accident An unforeseen or unintended event or incident that typically results in damage or injury (physical or financial) to the insured or a third party. Accidental damage Unintended or unexpected harm or damage caused to property or a person. Accidental death benefit Some life insurance policies pay an extra amount, over and above the original sum insured, if the insured dies because of an accident. Act of God (force majeure) An occurrence beyond anyone’s control, such as a natural disaster. Active underwriter The person with primary responsibility and authority to accept insurance and reinsurance risks on behalf of the members of a syndicate in the Lloyd’s market. See also Underwriter. Actuary A qualified professional who...

What does EIOPA do? The European Insurance and Occupational Pensions Authority (EIOPA) is one of the three European Supervisory Authorities (ESAs), set up to reinforce the EU supervisory framework and to curb the risk and harm of any future financial crisis. Operating as an independent advisory body, it counsels the European Parliament, the Council of the European Union (the Council) and the European Commission (the Commission). Serving as the EU’s micro‑prudential supervisor for insurance and occupational pensions, it was established by Regulation (EU) No 1094/2010 (the EIOPA Regulation), replacing the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) in January 2011. EIOPA is based in Frankfurt, Germany. EIOPA’s main goals are: safeguarding consumers and restoring confidence in the financial system ensuring a high, effective and consistent level of regulation and supervision, reflecting the varied interests of all EU Member States and the differing nature of financial institutions greater harmonisation and coherent application of rules for financial institutions and markets across the EU...