The new European supervisory authority for the insurance sector, the European Insurance and Occupational Pension Authority ("EIOPA") came into being on 1 January 2011. It replaces the former Committee of European Insurance and Occupational Pensions Supervisors ("CEIOPS"). Its principal tasks are to support the stability of the financial system, market transparency and financial products, and to protect policyholders, pension scheme members and beneficiaries. It is also in charge of implementing the Solvency II directive (please refer to the Legal and regulatory update - August/September 2010).