The Joint Board of Appeal (“The Board”) of the European Supervisory Authorities (ESAs) unanimously decided that the appeal brought by Euroins Insurance Group AD (“Euroins”) against the European Insurance and Occupational Pensions Authority (EIOPA) is inadmissible. The appeal was brought in relation to an EIOPA Report assessing the valuation of Euroins’ technical provisions.
Euroins requested the Board of Appeal to annul the EIOPA Report as, according to Euroins, EIOPA acted in excess of its regulatory powers and infringed Euroins Romania’s rights as well as the principles of proportionality, independence, objectivity, and transparency.
The Board found that the EIOPA report did not have a legally binding effect on national authorities and hence cannot be challenged. The Board furthermore concluded that the appellant may challenge, in front of national courts, the decisions of national authorities that were adopted on the basis of the EIOPA Report.