EIOPA issues sound principles for crisis prevention, management and resolution

The European Insurance and Occupational Pensions Authority (EIOPA) has
published today an Opinion on Sound Principles for Crisis Prevention,
Management and Resolution Preparedness of National Competent Authorities
(NCAs). The Opinion is a follow-up to a survey* that EIOPA carried out in
2013 in order to obtain a better understanding of the current approaches
and practices across the European Union.

EIOPA notes that NCAs have been or are currently introducing changes in
their Crisis Prevention, Management and Resolution Frameworks as a result
of the financial crisis and initiatives by the international institutions
(Financial Stability Board, International Association of Insurance
Supervisors). In order to ensure consistency and adequacy of those
changes, EIOPA developed 14 principles that NCAs are expected to take into
account.

The principles are related to specific powers, tools and institutional
features aimed to enhance crisis prevention, management and resolution
preparedness of NCAs. As such, the Opinion emphasises a range of issues
including the organisational setup and the emergency plans for crisis
prevention and management, the development of recovery and resolution
plans, the need to design early warning systems and to define triggers for
intervention, as well as to have adequate resolution powers and
communication strategies in place. In the document EIOPA also stresses the
need to cooperate and share information with other relevant authorities.

Click here (Link:
https://eiopa.europa.eu/publications/eiopa-opinions/index.html )to view
the Opinion on Sound Principles for Crisis Prevention, Management and
Resolution Preparedness of National Competent Authorities (NCAs)


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