The management body of the Financial Supervision Commission hosted an official meeting with the Chairperson of the European Insurance and Occupational Pensions Authority (EIOPA)

The Chairperson of the Financial Supervision Commission (FSC) Mr. Boyko Atanasov, as well as its Vice Chair in charge of the Insurance Supervision Division Mr. Vladimir Savov and the Vice Chair in charge of the Social Insurance Supervision Division Ms. Diana Yordanova held an official meeting with the Chairperson of EIOPA Ms. Petra Hielkema.

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During the meeting, they discussed the strategic priorities in two main aspects of the non-banking sector, namely the insurance and the pension insurance area. The FSC management body emphasized its readiness to cooperate with EIOPA within the framework of various committees, working groups, as well as when attempting to achieve common goals in order to secure financial stability in both the insurance and pension insurance area.

The FSC management body expressed its gratitude to the European institution for its continuous efforts aimed at boosting the expertise of the national regulators. Due to its specialized trainings, the FSC officers will continue with their participations in various events organized by EIOPA which are meant to improve and enlarge their supervisory capacity.

Both institutions agreed upon their joint priorities set by them, namely digitalization, sustainable finance, effective cooperation at the EU level, financial innovations and consumers’ protection, as well as their synchronized functioning aimed at achieving stronger convergence in the EU, as regards the specified issues.

On its part, EIOPA emphasized its preparedness to support the national regulators, more precisely the FSC needs, and to facilitate the achievement of the common EU priorities. Both authorities agreed on the concept that the forthcoming new legislation dedicated to the Solvency II review, the future insurance recovery and resolution framework (IRRD), the digitalization and the sustainable finance poses a new challenge, which has to be met based on the developed partnership.

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“In 2022 the FSC commenced a new strategic period. In the course of it, we shall continue to be of consumers’ use through effective communication, unbiased decisions and foreseeable actions. Our present-day meeting makes us more self-confident due to the successful partnership with EIOPA and the shared professional experiences” pointed out Mr. Boyko Atanasov.