This Memorandum will enable both organizations to collaborate on promoting a
risk-based regulatory and supervisory framework in insurance, as well as the identification
of systemic risk and the promotion of consumer protection. The agreement also
covers cooperation on activities, such as seminars, providing speakers for events
as well as the exchange of knowledge, technical papers and best practices.
The MoU does not foresee the exchange of confidential information. Both EIOPA
and the World Bank are to treat confidential information according to their internal
requirements and rules on Professional Secrecy and Confidentiality.
Michel Noel, Manager of Non-Bank Financial Institutions at the World Bank, said:
“The World Bank is pleased to collaborate with EIOPA in promoting global risk-based
supervision in insurance, strengthening the insurance regulatory and supervisory
architecture for achieving sustainable development in the insurance sector, while
fostering policyholders’ protection. It is our desire that this collaboration
will enhance the support from the international community towards these efforts.”
Carlos Montalvo, Executive Director of EIOPA, indicated: “EIOPA strongly believes
that a global business as Insurance demands global solutions, and that in a business
built on risk, all parties, but most important consumers, will strongly benefit
from risk based supervision and regulation. To work together with the World Bank
towards this aim will be not only a privilege, but also a much needed step in
the right, global, direction”.
Note for Editors
The World Bank undertakes extensive policy analysis and recommendations, combined with in-country
policy applications in member countries, and is able to combine intellectual and
financial support to its borrowers, capacity building and help interpret their
wider interests in the global debate of financial sector issues, including development
and supervisory issues relating to the insurance sector.
The European Insurance and Occupational Pensions Authority (EIOPA) was established as a result of the reforms to the structure of supervision of
the financial sector in the European Union. EIOPA’s core responsibilities are
to support the stability of the financial system, transparency of markets and
financial products as well as the protection of insurance policyholders, pension
scheme members and beneficiaries
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