03 May 2021
The Joint Board of Appeal of the European Supervisory Authorities (ESAs – European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority) unanimously decided that the appeal brought by Societatea de Asigurare-Reasigurare City Insurance SA against the European Insurance and Occupational Pensions Authority (EIOPA) is inadmissible. The appeal was brought in relation to a balance sheet review (BSR) exercise of the Romanian insurance sector that is carried out by the Autoritatea de Supraveghere Financiară with the support of EIOPA.
Central to this appeal is the question if, and to what extent the appellant can challenge EIOPA’s role and its involvement in the Romanian BSR exercise via an appeal under Article 60 of the EIOPA Regulation. After careful consideration, the Board of Appeal unanimously decided that the appeal is inadmissible.