The Joint Board of Appeal (“The Board”) of the European Supervisory Authorities (ESAs) (the EBA, ESMA, EIOPA), 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 the EIOPA Chairperson’s decision not to start an investigation into an alleged breach or non-application of Union law regarding the withdrawal of the license of a subsidiary insurance undertaking of Euroins by the national competent authority in Romania.
In its decision, the Board finds that EIOPA’s power to initiate an investigation is of an entirely discretionary nature. Furthermore, the Board also asserts that the EIOPA Chairperson’s decision to initiate an investigation is not subject to the Board’s review. Finally, the decision clarifies that the Board does not have the power to order EIOPA to re-assess an appellant’s request to open an investigation.
Following the adoption of the decision, two orders on its publication were also adopted. The first order dismissed Euroins’ request not to publish the decision and its request for redaction. Yet, it agreed to delay publication to a date allowing Euroins to file an appeal against that order the General Court. The second order came upon request from the President of the Court of First Instance, seeking to grant additional time to analyse the case and consider interim measures requested by Euroins. That second order postponed the publication of the decision until 7 August 2024.
