FOPI has developed a Memorandum of Understanding (MoU) together with the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). This declaration of intent regulates information exchange and cooperation – especially with respect to insurance groups and conglomerates – with the EU/EEA supervisory authorities (see also Topics/International affairs).
The MoU has dramatically improved the position of Switzerland in European insurance supervision. For instance, a representative of FOPI is invited as a permanent guest to the working group of CEIOPS responsible for implementation of the Insurance Group Directive. For a non-EU member, the participation of Switzerland in a CEIOPS working group should be considered particularly valuable. Participation in the relevant meetings allows the Swiss supervisory authority to build up equivalent supervision with respect to insurance groups and conglomerates. Ensuring equivalence is in turn a prerequisite for recognition as a „Lead Supervisor“ – in EU terminology – of foreign insurance supervisory authorities with respect to the supervision of insurance groups and conglomerates directed from Switzerland. The authority assuming this function is responsible for monitoring the assigned groups and must also coordinate the information flow among the regulators. In this way, dual supervision is prevented, and the workload for groups and conglomerates is reduced.
Recognition as a Lead Supervisor is granted separately for each insurance group. All competent EU/EEA supervisory authorities supervising an insurance undertaking in the group concerned must give their approval. This procedure applies to all groups with several insurance companies in the EU/EEA, i.e., not only to Swiss groups and conglomerates. Switzerland is currently recognised as Lead Supervisor for the following
- Nationale Suisse.