The European Insurance and Occupational Pensions Authority (EIOPA) published its final report on the peer review on the freedom to provide services on 13 May 2016.
The right to provide insurance business in the European market on the basis of freedom of services (FOS) is recognised as an important way to achieve an integrated market. As such, EIOPA believes cooperation between the home and host state national competent authorities (NCAs) is fundamental.
Through the review, EIOPA aimed to clarify practices between NCAs and identify best practices, where possible.
Questionnaires were sent by the EIOPA Review Panel to NCAs in all 31 countries in the Economic European Area, which were supplemented by visits, teleconferences and written procedures conducted by the reviewers. The peer review was conducted from 1 January 2011 to 31 December 2013.
With regard to the supervision of insurance undertakings, the review found there were areas where a common approach between NCAs was either missing or insufficient. Recommended actions on this point were issued to individual NCAs, to ensure a more consistent approach and enhance cooperation.
Conducting a peer review on FOS was acknowledged as being very wide in scope. A follow up to the peer review will be conducted on the recommended actions and to examine other relevant areas relating to FOS.