CEIOPS is expected, both by industry and at the political level, to show substantial progress in the co-operation between supervisory authorities supervising cross-border insurance groups. CEIOPS is aware of the importance of this area, and is acting as a network of supervisors to ensure that progress is achieved both in terms of cooperation and convergence. In this context, CEIOPS asked its Insurance Groups Supervision Committee (IGSC) to monitor the practical co-operation between supervisors within the Colleges.
For that purpose CEIOPS has conducted three College surveys in the previous four years and reported on the outcomes.
The aim of this paper is to report the current development in the functioning of Colleges based on information given in June 2010. Overall, the results of the previous report showed an improvement of the functioning of Colleges.
The questionnaire was addressed to members and observers of CEIOPS. This includes the lead supervisors of all 102 cross-border insurance groups. IGSC has actively been developing group supervision and cooperation in Colleges during 2010. The scope of the action plan of IGSC covers all the insurance groups. A specific monitoring of the action plan has been done for the 30 largest insurance groups on the Helsinki list.
The 2010 survey has been split in two parts:
• quantitative part that only requires individual yes/no or numerical answers from each College
• qualitative part when the quantitative survey requires additional individual answers from each College.
The 2010 survey shows that even if there are several important areas that could be improved the most important ones are related to the definition of a work plan and an emergency plan for all the groups, the integration of third countries in college work and communication. This can be seen clearly both in the quantitative and qualitative part of the survey.
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