ESA’s Joint Board of Appeal dismisses appeal by Euroins Insurance Group AD against the European Insurance and Occupational Pensions Authority

Summary

Document: Decision of the Joint Board of Appeal (The Board) on the appeal brought by Euroins Insurance Group AD (Euroins) against the European Insurance and Occupational Pensions Authority (EIOPA)

Summary: The Joint Board of Appeal of the European Supervisory Authorities (ESAs) has made a unanimous decision in the appeal brought by Euroins Insurance Group AD (Euroins) against the European Insurance and Occupational Pensions Authority (EIOPA). The appeal was related to an EIOPA Report assessing the valuation of Euroins’ technical provisions. Euroins had requested the Board to annul the EIOPA Report, arguing that EIOPA had acted beyond its regulatory powers and infringed Euroins Romania’s rights, as well as the principles of proportionality, independence, objectivity, and transparency.

Key Findings:

The Board found that the EIOPA Report did not have a legally binding effect on national authorities, and therefore, cannot be challenged.
The Board concluded that the appellant (Euroins) may challenge, in front of national courts, the decisions of national authorities that were adopted on the basis of the EIOPA Report.

Background:
The European Insurance and Occupational Pensions Authority (EIOPA) had issued a report assessing the valuation of Euroins’ technical provisions. Euroins had requested the Board to annul the report, arguing that EIOPA had exceeded its regulatory powers and infringed Euroins Romania’s rights, as well as the principles of proportionality, independence, objectivity, and transparency.

Consequences:
The decision of the Board means that the EIOPA Report remains in force, and national authorities are not bound by its recommendations. Euroins has the option to challenge the decisions of national authorities that were adopted on the basis of the EIOPA Report in front of national courts.

Relevance:
The decision has significant implications for the regulatory framework of the insurance sector in the European Union, highlighting the importance of transparency and proportionality in the decision-making process of European Supervisory Authorities.

notation:/alert: None

Note: The decision does not provide further details on the specific findings and reasons for the Board’s conclusion, but it does provide clarity on the scope of the EIOPA Report and the options available to Euroins to challenge national authorities’ decisions.