Mar 01 - GFSC Hosts Visit From EIOPA

Written by YGTV Team on 01 March 2016.

Over the course of the last two days, the Gibraltar Financial Services Commission (‘GFSC’) hosted a visit from the European Insurance and Occupational Pensions Authority (‘EIOPA’).

In 2014, EIOPA created a Supervisory Oversight Team in order to continue building relations with national authorities on a basis of mutual trust, whilst also providing the opportunity for independent and challenging reviews of supervisory practices. The Supervisory Oversight Team has conducted more than 20 bilateral visits across Europe to date.

At the GFSC, the EIOPA team were specifically looking to focus on the supervisory practices for preparation and introduction of Solvency II, and the practices towards current risks in the insurance market and the GFSC’s risk assessment framework. They met with GFSC insurance industry experts and risk practitioners during their visit.

Samantha Barrass, GFSC CEO, said: “It has been a pleasure to have welcomed the team from EIOPA over these past two days. The visit has been a mutually beneficial one, and we will continue to maintain a relationship of open and frequent communication with EIOPA”.

The EIOPA staff met with representatives from the GFSC’s Enforcement and Prudential teams together with members of the Senior Management Team.

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