The European Insurance and Occupational Pensions Authority (EIOPA) has suggested it could act as a central data hub for insurance and pensions information across the EU, as part of its response to the European Commission’s consultation on capital markets integration.

The proposal forms part of the supervisory authority’s contribution to shaping the future Savings and Investments Union (SIU), a flagship initiative aimed at mobilising more long-term retail savings into productive investment and strengthening the Capital Markets Union (CMU).

In its official reply, EIOPA underlined that a functioning single market already exists in the insurance sector, but added that more effective supervision at the EU level, which “enhances trust among retail investors and mitigates consumer detriment, is indispensable for the success of the Savings and Investments Union”.

One notable recommendation is for EIOPA to take on an enhanced role in data management across both insurance and pensions. The authority argues that this would simplify data flows, improve regulatory consistency, and enable more efficient supervision.

“Building on a future report on integrated data collection under the revised Solvency II Directive, EIOPA could act as a central data hub – both receiving from and providing access to all NCAs across both the insurance and pensions sectors – thereby supporting greater simplification and consistency,” it said.

Under this proposed model, national competent authorities (NCAs) and EIOPA would act as “joint data owners in their practised administrative network”. EIOPA said this would lead to “improved data access”, supporting more effective oversight.

The authority also called for new pensions data requirements to be centralised from the outset, beginning with IORP II data. “For instance, IORP II data could be the first to be collected and processed by EIOPA, then shared with relevant stakeholders,” it said.

EIOPA further suggested that it be granted a mandate to access and integrate first pillar pension data into its analysis. This, it argued, would allow for “more comprehensive analysis and a deeper understanding of market trends”.

The recommendations form part of a broader message that EIOPA is well-placed to contribute to the SIU’s success, not only through technical expertise but also through its existing pan-European supervisory role.

It called for greater consistency in supervisory practices, improved consumer protection standards, and better access to understandable financial products to encourage wider retail participation in long-term investment.

The European Commission launched its consultation on capital markets integration earlier this year, with a view to identifying key areas for legislative and regulatory action in support of the SIU and CMU.

EIOPA’s response builds on its 2023 strategy to deepen the single market and strengthen the EU’s financial resilience.

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