EIOPA and the World Bank have entered into a further Memorandum of Understanding (MoU). The MoU is for a period of three years and replaces the MoU signed in 2013. The Parties intend to collaborate, with a focus on insurance, on the common projects and areas of collaboration as outlined in the MoU.
The Parties’ common objectives are to:
- Contribute to the process of promoting a more risk-based regulatory and supervisory framework, and in this respect to the dissemination of knowledge and policy experiences;
- Foster efficient and effective supervision;
- Promote consumer protection, financial literacy and education initiatives by competent authorities; and
- Contribute to financial stability and identification of systemic risk.
The MoU provides a framework for various collaborative activities in order to pursue the above objectives.