The European Insurance and Occupation Pensions Authority (“EIOPA”) has entered into a memorandum of understanding with the Swiss Financial Market Supervisory Authority (“FINMA”) on the supervision of insurance groups. The principal objective of the memorandum is stated to be to ensure optimal co-operation in the supervision of insurance groups with international activities in the European Economic Area and in Switzerland, and creates a formal basis for co-operation in the following areas:
- group supervision;
- assistance in the work of EEA and FINMA colleges of supervisors;
- action required in emergency situations;
- safeguarding financial stability by monitoring and assessing risks;
- interconnectedness; and
- conducting stress tests.
The memorandum will not modify or supersede laws or regulatory requirements that are in force, nor will it affect any arrangements in other memoranda signed between FINMA and EEA national supervisory authorities.