Background
CEIOPS (2003-2010) was established under the terms of European Commission's Decision 2004/6/EC of 5 November 2003, currently repealed and replaced by Decision 2009/79/EC, and is composed of high level representatives from the insurance and occupational pensions supervisory authorities of the European Union's Member States. The authorities of the European Economic Area Member States also participated in CEIOPS. CEIOPS Secretariat was located in Frankfurt am Main. CEIOPS was a Level-3 Committee of the European Union in the Lamfalussy process. CEIOPS was founded 5 November 2003. CEIOPS consisted of the European Union's insurance and pension fund supervisory authorities. Other supervisory authorities from other states of the European Economic Area are represented as observers (Norway, Iceland and Liechtenstein, although not Switzerland). It was chaired by Gabriel Bernardino, the Director General of the Instituto de Seguros de Portugal (ISP). CEIOPS' headquarters were located in Frankfurt am Main, Germany. The other Level-3 Committees were Committee of European Banking Supervisors and Committee of European Securities Regulators.
CEIOPS was replaced by EIOPA in January 2011, in accordance with the new European financial supervision framework. The reorganisation of macro and microprudential supervisory authorities led to the creation of three new European watchdogs (The European Banking Authority - EBA, the European Insurance and Occupational Pensions Authority - EIOPA, and the European Securities and Markets Authority -ESMA) have replaced the previous EU committees responsible for financial market services, having had only consultative competences.
Read more about this topic: European Insurance And Occupational Pensions Authority
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