European Insurance and Pensions Committee – EIOPC
2005/1/EC amending various financial services directives in
order to establish a new organisational structure for financial
services committees was finally adopted on 9 March 2005. The new
Directive was published in Official Journal No L 79 on 24 March
2005. It extends the Lamfalussy committee structure to the banking,
insurance and UCITS areas (undertakings for collective investment in
transferable securities). The result of this new Directive in the
insurance and occupational pensions sectors is the disappearance of
the Insurance Committee and its replacement by the European
Insurance and Occupational Pensions Committee (EIOPC).
Read more on the new Financial Services Committee Architecture.
Insurance Committee (IC) is a regulatory and legislative policy body that was created in December 1992 under the Council Directive 91/675/EEC specifically setting up the Committee.
To simplify and improve the decision-making and implementation in the financial services sector, the European Commission has launched a package of seven measures: a proposal for a Directive (COM/2003/659) and six Commission Decisions. With this package the approach already used in the securities sector would be extended to insurance through the establishment of two new committees: