Court of Auditors Special Report no: 29: EIOPA made an important contribution to supervision and stability in the insurance sector, but significant challenges remain
1. The Court of Auditors prepares periodic special reports which present the results of selected performance and compliance audits of specific spending or policy areas, or budgetary or management issues. In this special report, which was published on 15 November 2018, the Court of Auditors examined whether the European Insurance and Occupational Pensions Authority (EIOPA) makes an effective contribution to supervision and financial stability in the insurance sector. It focused on EIOPA’s actions in the field of supervision and supervisory convergence (co-operation with National Competent Authorities (NCAs), its work on internal models and cross-border business). More generally it analysed the adequacy of EIOPA’s resources and governance.
2. The audit primarily covered EIOPA’s supervisory activities between 2015 and 2017. The audit evidence was based on visits to EIOPA and a document review, as well as meetings with the relevant Commission departments, the European Systemic Risk Board, NCAs, academic experts and stakeholders and surveys