The Regulation (EU) No 1094/2010 establishes the European Supervisory Authority (European Insurance and Occupational Pensions Authority), aimed at enhancing the stability and effectiveness of the financial system. It addresses critical gaps exposed by the financial crisis, promoting integrated supervision across Member States and fostering cooperation among national authorities in overseeing cross-border financial institutions. The Authority is tasked with ensuring high-quality regulatory standards, protecting policyholders' interests, and preventing regulatory arbitrage.

With a legal personality, the Authority will operate independently, borne by contributions from Member States and the European Union. It will formulate technical standards, issue guidelines, and provide advice on enhancing market stability. The Authority is expected to play a pivotal role in crisis management and resolution while ensuring compliance with Union law, thus ensuring a coherent and unified approach to financial oversight across Europe.