Ante ZIGMAN elected Chair of the EIOPA Risks and Financial Stability Steering Committee

23 March 2023 — Daniela GHETU
Ante ZIGMAN elected Chair of the EIOPA Risks and Financial Stability Steering Committee
President of the Board of the Croatian Financial Services Supervisory Agency (Hanfa) Ante ZIGMAN has been elected Chair of the Risks and Financial Stability Steering Committee of the European Insurance and Occupational Pensions Authority (EIOPA).

The Risks and Financial Stability Committee (RFSC) contributes to achieving EIOPA's objectives aimed at preserving the stability of the EU insurance and occupational pensions sectors. In doing so, it assesses the risks that negatively affect the financial stability of this part of the non-banking financial sector. The conclusions and analyses of the RFSC are based on a wide range of information gathered, ranging from market indicators and financial market analyses, via financial stability analyses prepared by EIOPA staff, to quarterly data provided to them by national regulatory authorities of the EU Member States, including Hanfa. In order to prevent, manage and resolve crises at the European level, EIOPA transforms the analytical conclusions of the RFSC into possible policy actions that it could undertake within its powers and competences.

Participation in the RFSC further opens the way for Hanfa to improve supervision and to reliably and easily detect early risks that can be transferred to the Croatian market due to global disruptions in financial markets.

EIOPA (alongside ESMA and EBA) is one of the three European supervisory authorities, and an independent advisory body of the European Commission, the European Parliament and the Council of the European Union. It was established in 2011, and its members are representatives of all national competent authorities for insurance and occupational retirement provision. Its actions promote a sound regulatory framework and consistent supervisory practices in order to protect the rights of policyholders, pension scheme members and beneficiaries and contribute to public confidence in the EU's insurance and occupational pensions sectors. EIOPA also helps shape policies and laws at EU and national levels.

In addition to years-long membership in the Executive Committee of the International Association of Insurance Supervisors (IAIS), as a representative of the Central and Eastern Europe and Transcaucasia region (CEET), this is another international position entrusted to the President of Hanfa Board. As a representative of the national supervisory authority, Ante Zigman is also a member of the EIOPA's Board of Supervisors, the main decision-making body of the European regulatory authority.