The European Insurance and Occupational Pensions Authority (EIOPA) and the Swiss Financial Market Supervisory Authority (FINMA) have signed a Memorandum of Understanding (MoU) to ensure optimal supervision of insurance groups with international activities in the European economic area (EEA) and Switzerland.
The Memorandum creates a formal basis for cooperation in areas including group supervision; assistance in the work of EEA and FINMA colleges of supervisors; action required in emergency situations; safeguarding financial stability by monitoring and assessing risks; and interconnectedness and conducting stress tests.
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The authorities emphasised that the MoU would not modify or supersede any laws or regulatory requirements in force, and will not affect any arrangements under the MoUs that have previously been signed between FINMA and other national supervisory authorities of the EEA.
Anne Héritier Lachat, chair of FINMAs board of directors, said: In light of the increased internationalisation of financial groups and financial products, international cooperation between supervisory authorities is gaining in importance.
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