Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS)

On 5th November 2003, the European Commission adopted the Decision establishing the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) (transformed from the Conference of the Insurance Supervisory Authorities of the Member States of the European Union). The CEIOPS will fulfil the functions of Level 3 Committee for the sector of Insurance and Occupational Pensions in application of the 'Lamfalussy Process'.

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; Contribute to the consistent implementation of Community Directives and to the convergence of Member States' supervisory practices throughout the Community; Constitute a forum for supervisory co-operation, including the exchange of information on supervised institutions; Deal with convergence in the supervision of insurance companies and occupational pensions funds.

Note that at first information about CEIOPS is hosted on the website of the Financial Market Authority in Austria. It is likely to launch its own website in due course.