EIOPA is part of the European System of Financial Supervision. It is an independent body providing advice to the European Commission, the European Parliament and the Council of the European Union.
EIOPA is responsible for:
- helping keep the financial system stable
- ensuring markets and financial products are transparent
- helping protect insurance policyholders, pension scheme members and beneficiaries.
The European System of Financial Supervision comprises:
- European supervisory authorities
- national supervisory authorities
It links financial oversight at systemic and firm level. This leaves day-to-day supervision to the national authorities.