European Insurance and Occupational Pensions Authority
Regulation 1094/2010 of the European Union was adopted on November 24, 2010, which established the European Insurance and Occupational Pensions Authority (EIOPA). The EIOPA is an independent advisory body to the European Parliament. Its primary responsibilities include ensuring the financial stability of the EU by creating transparency in the markets and offering protection to insurance policyholders, pension scheme members, and beneficiaries.
This regulation is part of a legislative package passed by the EU that established a European System of Financial Supervision (ESFS), which also includes: Regulation 1092/2010 which establishes the European Systemic Risk Board (ESRB), Regulation 1093/2010 which establishes the European Banking Authority (EBA), Regulation 1095/2010 which establishes the European Securities and Markets Authority (ESMA), and Regulation 1096/2010 which confers specific tasks upon the European Central Bank concerning the functions of the European Systemic Risk Board.
EIOPA was officially established on January 1, 2011, along with the other two regulatory agencies created simultaneously, created for the purpose of developing a more unified European financial regulatory structure.