New European Insurance Supervisor Wants to Boost Staff by 2014

The newly established authority supervising European insurers said it’s seeking to increase staff within the next three years.

“Eiopa has about 20 positions to fill this year on top of the 28 people employed currently,” Carlos Montalvo, acting secretary general of the European Insurance and Occupational Pensions Authority, said at a press briefing in Frankfurt today. Eiopa wants to boost its headcount to about 100 to 120 people in 2013 or 2014, he said.

The new authority was set up at the beginning of this year and is replacing the Committee of European Insurance and Occupational Pension Supervisors, or Ceiops. It’s one of three European supervisory bodies for the financial industry, with the other two overseeing the securities sector and banks.

The European Commission and the Frankfurt-based watchdog, along with local regulators, are developing a new risk-based regulatory framework for insurers named Solvency II. The rules are scheduled to be introduced at the start of 2013.