Brussels (The Brussels Morning Newspaper) – European Supervisory Authorities Joint Board of Appeal discharges an appeal by Euroins Insurance Group AD against the European Insurance and Occupational Pensions Authority.
What Was the Outcome of Euroins’ Appeal?
The Joint Board of Appeal (The Board) of the European Supervisory Authorities (ESAs), the EBA, ESMA, and EIOPA unanimously resolved that the appeal carried by Euroins Insurance Group AD (Euroins) against the European Insurance and Occupational Pensions Authority (EIOPA) is unacceptable.
Why Was Euroins’ Appeal Against EIOPA Rejected?
The appeal was brought concerning the EIOPA Chairperson’s decision not to initiate an investigation into an alleged violation or non-application of Union law concerning the withdrawal of the license of a subsidiary insurance implementation of Euroins by the national competent authority in Romania.
What Did the ESAs Board Decide About EIOPA’s Investigation Power?
In its conclusion, the Board discovers that EIOPA’s power to start an investigation is of an entirely discretionary nature. Furthermore, the Board also argues that the EIOPA Chairperson’s decision to instigate an investigation is not subject to the Board’s review. Finally, the decision elucidates that the Board does not have the capacity to order EIOPA to re-assess an appellant’s request to extend an investigation.
What Orders Were Issued Regarding the Publication of the Decision?
Following the adoption of the conclusion, two orders on its publication were also assumed. The first order overlooked Euroins’ request not to publish the judgment and its request for redaction. Yet, it decided to delay publication to a date letting Euroins file an appeal against that order at the General Court. The second order came upon a proposal from the President of the Court of First Instance, seeking to give additional time to investigate the case and consider interim measures requested by Euroins. That second order postponed the publication of the decision until 7 August 2024
