2013-03-15 – Frankfurt
EIOPA* and the World Bank have today signed an Operational Memorandum of Understanding (MoU) to cooperate on developing the insurance sector.
This memorandum reflects the joint aims of EIOPA and the World Bank. It also indicates the intended common line of action to be taken – which is welcome news, given the recent lack of clear regulatory direction. The insurance sector will be pushed towards a better risk-based and regulatory framework. Following the trend of Solvency II, there is to be an emphasis on consumer protection and better identification of systematic risk.
The agreement also covers the exchange of knowledge within the insurance sector, and seminars and public speaking events will be hosted. There is also an agreement on how to share technical papers and other general best practices. The memorandum however does not foresee the exchange of confidential information between the two parties.
* The European Insurance and Occupational Pensions Authority
