On Monday, 10 May, the MEPs on the Committee on Economic and Monetary Affairs (ECON) approved—with 54 votes in favour, none against, and 4 abstentions—Petra Hielkema’s appointment to the head of the European Insurance and Occupational Pensions Authority (EIOPA).
Currently serving as Director of Insurance Supervision at the central bank of the Netherlands [De Nederlandsche Bank], Mrs Hielkema was selected by the EU Council as its preferred candidate (see EUROPE 12713/16)—up against Paolo Cadoni, head of division in the Bank of England’s Prudential Policy Directorate, and Christian Thimann, the CEO of Athora Germany (see EUROPE 12684/30).
During her hearing with MEPs, the candidate affirmed that, if confirmed in the post, she will ensure that insurers and pension funds recognise, mitigate, and manage the risks they face. However, she will also require them to fully play their role in the transition to a more resilient and sustainable economy.
In particular, MEPs asked her questions about the ‘Solvency II’ Directive (see EUROPE 12518/22), which sets prudential rules for the insurance and reinsurance sector, and about the impact of the Covid-19 crisis.
In this regard, Markus Ferber (EPP, Germany) reiterated that the pandemic had brought the regulatory framework’s shortcomings to light. According to him, numerous companies have reportedly learned the hard way that the insurance products they had purchased did not cover them against the repercussions of the pandemic. He asked what possible solutions there are.
For Mrs Hielkema, it is first and foremost necessary to “be very clear about what is insured and what is not”. By doing this, she acknowledged that there was, indeed, a coverage gap for pandemics and pointed to EIOPA’s ongoing consideration of whether or not it is necessary to develop shared resilience solutions for pandemic risk (see EUROPE 12537/6).
Asked about the digitalisation of the insurance sector, Mrs Hielkema felt that new technologies could bring many benefits to markets and consumers, such as more personalised products.
She specified that, nevertheless, certain groups should not be excluded on the basis of artificial intelligence alone and that cyber risks should be taken into account.
Mrs Hielkema’s appointment must be confirmed during the plenary session of the European Parliament. The Council of the EU will then adopt an implementing decision formally recognising this appointment. (Original version in French by Marion Fontana)