Quality of supervision [EU]
The European Commission’s proposals are:
Article 25 (Refusal of authorisation) is amended to ensure that each refusal of an authorisation, including the reason, shall be notified to EIOPA and recorded in a database which can be consulted by supervisory authorities.
Article 26 (Prior consultation of the authorities of other Member States) introduces the possibility of joint assessment of an application for authorisation at the request of one of the supervisory authorities that need to be consulted by the supervisory authority of the home Member State.
Articles 30 (Supervisory authorities and scope of supervision), 36 (Supervisory review process) and 42 (Fit and proper requirements for persons who effectively run the undertaking or have other key functions) are amended to enhance the monitoring of compliance with fit and proper requirements as regards members of the administrative, management or supervisory body (AMSB) or persons that have other key functions in the insurance or reinsurance undertaking. Article 42(4) empowers the supervisory authorities to request the removal of an AMSB member or key function holder.
See also Topic - Group supervision [EU]