Administrative Decisions Addressed to Insurance Intermediaries Issued by the EIOPA – A Macro-prudential Supervision Instrument for Consumer Protection

Abstract

This article identifies new supervisory competences of the EIOPA in relation to insurance intermediaries and insurance companies on the domestic insurance market of the European Union, which constitute public-law protection of the customer (consumer) of insurance services. These competencies protect the client (including the consumer) of insurance services. In the present legislation the client enjoys twofold micro-prudential supervision protection – at the national and the EU level. Decisions issued by the EIOPA may be addressed both to national supervisory authorities and to the supervised entities themselves. Decisions addressed to the supervised entities shall prevail over any previous decisions adopted by the competent national authorities in the same case.

Keywords

• micro-prudential supervision
• the consumer
• the customer as the weaker party in an insurance relation
• the EIOPA
• the Financial Supervision Authority
• insurance company