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01 April 2009 Supervision Supervision label Factsheet

The EIOPA Methodology for the Assessment of the Equivalence of Third Country Professional Secrecy Standards provides for a methodology for assessing professional secrecy equivalence in the cooperation with supervisory authorities in third countries.

Where the supervision of internationally operating insurance groups is concerned, there is an increasing need for cooperation with supervisory authorities outside the European Union. It must be possible to share information with supervisors in these third countries. In this context, it is essential that adequate confidentiality safeguards are in force. Supervisory authorities must assess whether the supervision in a third country is equivalent to that exercised in the European Union. The ability to exchange information with a third country supervisor under conditions of professional secrecy will also be critical to any broader assessment of the equivalence of third country supervisory regimes.

The methodology adopted by EIOPA[1] for the assessment of equivalence in this area identifies:

  • the key principles encapsulated in the insurance legislation regarding professional secrecy;
  • the objectives each principle seeks to achieve, and
  • the core ‘indicators’ of equivalence, that is, those factors which provide guidance in determining whether the relevant principles and objectives are achieved.

Basis

Reinsurance Directive (2005/68/EC)

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[1] The European Insurance and Occupational Pensions Authority (EIOPA) has officially come into being as of 1 January 2011 and has taken over all existing and ongoing tasks and responsibilities from the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS).