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EUROPEAN INSURANCE AND OCCUPATIONAL PENSIONS COMMITTEE (FORMER ---

By Melvin Mcdonald,2014-05-13 02:15
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EUROPEAN INSURANCE AND OCCUPATIONAL PENSIONS COMMITTEE (FORMER ---

EUROPEAN INSURANCE AND OCCUPATIONAL PENSIONS COMMITTEE

    (FORMER INSURANCE COMMITTEE)

    1. Council Directive 91/675/EEC of 19 December 1991 setting up an insurance committee

(Official Journal L 374, 31/12/1991 p. 32 33.)

Summary

    An Insurance Committee (IC) was established under Directive 91/675/EEC to assist the European Commission in its work in the insurance field with the aim of establishing closer co-operation between the national competent authorities and the Commission.

    The Insurance Committee, composed of the representatives of Member States and chaired by the representative of the Commission, examined questions relating to the application of Community provisions about the insurance sector, especially directives on direct insurance. The Commission consulted the Committee on new proposals regarding further co-operation in the field of direct life insurance and direct non-life insurance. The Committee, did not, however, consider specific problems relating to individual insurance undertakings.

The European Commission launched a package of seven measures to simplify and

    enhance the decision-making and implementation in the financial services, also including insurance. With this package, a Committee of European Insurance and Pensions

    Supervisors (CEIOPS with 2004/6/EC, please see below) was established to act as

    an independent advisory group on insurance and occupational pensions. The European Insurance and Occupational Pensions Committee (EIOPC with 2004/9/EC replaced the

    Insurance Committee and assisted the Commission in adopting implementing measures

    for EU Directives.

    2. Commission Decision 2004/6/EC of 5 November 2003 establishing the Committee of European Insurance and Occupational Pensions Supervisors (Text with EEA

    relevance) (Official Journal L 003, 07/01/2004 p. 30 31.

    Summary

The Committee of European Insurance and Pensions Supervisors (CEIOPS) was

    established to advise the European Commission regarding the preparation of draft implementing measures in the fields of insurance, reinsurance and occupational pensions.

    The Committee contributes to the consistent implementation of Community Directives and to the convergence of the supervisory practices of Member States throughout the Community. It is also a forum for supervisory co-operation, including the exchange of information on supervised institutions.

    The representatives of the Committee are designated by Member States from the high level representatives of their competent authorities in the field of supervision of insurance, reinsurance and occupational pensions. The Commission also designates a high level representative to participate in the debates of the Committee.

3.

     Commission Decision 2004/9/EC of 5 November 2003 establishing the European Insurance and Occupational Pensions Committee (Text with EEA relevance)

(Official Journal L 003, 07/01/2004 p. 34 35.)

Summary

Commission Decision 2004/9/EC establishes an advisory group on insurance and

    occupational pensions in the Community, namely the European Insurance and

    Occupational Pensions Committee (EIOPC). The primary aim is to amend the insurance committees to also cover reinsurance and occupational pensions.

    EIOPC replaced the Insurance Committee. EIOPC is responsible to advise the

    Commission on issues relating to insurance, reinsurance and occupational pensions as well as Commission proposals in these fields. EIOPC does not consider specific problems relating to individual insurance or reinsurance undertakings or to occupational pensions institutions and it does not address labor and social law aspects.

    The Committee is composed of high level representatives of Member States and is chaired by a representative of the Commission.

    4. Directive 2005/1/EC of the European Parliament and of the Council of 9 March 2005 amending Council Directives 73/239/EEC, 85/611/EEC, 91/675/EEC,

    92/49/EEC and 93/6/EEC and Directives 94/19/EC, 98/78/EC, 2000/12/EC,

    2001/34/EC, 2002/83/EC and 2002/87/EC in order to establish a new organizational structure for financial services committees

(Official Journal L 79, 24/03/2005, p. 9 17.)

Summary

    Directive 2005/1/EC aims at amending several financial services directives to establish a new organizational structure for financial services committees. The Directive extends the Lamfalussy committee structure to the banking, insurance and UCITS (undertakings for

    collective investment in transferable securities) areas. The new Directive replaces the “Banking Advisory Committee” with the “European Banking Committee” and the

    “Insurance Committee” with the “European Insurance and Occupational Pensions Committee” (EIOPC).

    The EIOPC was established by Commission Decision 2004/9/EC but it was indicated that it would come into force on the day of the entry into force of any directive amending the advisory functions of the Insurance Committee. This new Directive came into force on th, 2005. April 13

    The Directive underlines that in the occupational pensions field, the EIOPC will not address labor and social law aspects such as the organization of occupational regimes, in particular compulsory membership and the results of collective bargaining.

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