The Future of Insurance Supervision in the EU: National Authorities, Lead Supervisors or EU Supranational Institution?

Financial markets require proper regulation and supervision. Their standards, architecture and mutual relations have to keep pace both with the current understanding of the core business as well as with market developments. The program put forward by FSAP and particularly by the Solvency II project revitalized among other things again the discussion on the future of EU insurance supervision. Should it remain - as of today - largely state based, or should it go into more or less different directions -a lead supervisor or some supranational agency? The article seeks to review major elements of the current debate and to stress the need for continuity in the possible future evolution of the EU supervisory systems.