EIOPA sets out criteria for the independence of supervisory authorities
“The independence of supervisory authorities is crucial for the legitimacy and credibility of the supervisory process,” says the European Insurance and Occupational Pensions Authority (EIOPA) – but how can we decide whether authorities are in fact free from conflicts of interest and undue external influence on supervisory decisions? To answer this question, EIOPA has published its criteria for assessing the independence of supervisory authorities, which also provide clarity for such authorities on EIOPA’s expectations. The criteria are based in the principles of operational, financial and personal independence as well as transparency and accountability.
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