Representatives of the European Insurance and Occupational Pensions Authority (EIOPA) on a working visit at the Financial Supervision Commission

The meeting held on July 6th, organized by the Financial Supervision Commission in connection with the working visit of Mr. Patrick Hoedjes, Chair of EIOPA IT & Data Committee, and Mr. Kitzmantel, IT Project Manager, was attended by representatives of insurance companies, members of the Association of Bulgarian Insurers and experts from the FSC. The purpose of the working visit of the representatives of one of the four European Supervisory Authorities was to acquaint the audience with the framework, mandate, organization, subgroups, activities and the results that are being expected of the EIOPA IT and Data Committee, including EIOPA IT and Data Strategy Specifications and Implementation Plan.
In the first part of the meeting, the employees of the Information Departments of the insurance companies, committed to the processing and submission of data to the FSC, who were present were introduced by the European experts to the new format, XBRL, in which the information for supervisory purposes will be presented after the entry into force of Solvency II Directive. The second part of the presentation was aimed at the FSC’s staff exercising supervisory activities in connection with the alignment of EIOPA IT & Data Implementation Plan with the National Supervisory Authority’s objectives and the Bulgarian FSC’s involvement in the works of ITDC.
The one-day visit of the European experts contributed greatly to raising the awareness and the competence of the Bulgarian specialists from the insurance industry and the Financial Supervision Commission in connection with the higher criteria and the forthcoming implementation of Solvency II Directive.