CEA comment on Insurance Group Supervision

08 December 2004

The Comité Européen des Assurances (CEA) issued its comments on the CEIOPS Guidelines for Co-ordination Committees stating that it does clearly see the need for enhanced supervisory cooperation, harmonisation and convergence of the use of supervisory tools amongst European supervisors. CEIOPS should work as much as possible towards harmonisation.

With respect to the establishment of a co-ordination committee in charge of the supervision of a European-wide operating insurance entity, it is according to the CEA necessary that a single lead supervisor is appointed at inception in order to enable efficient coordination of pan-European supervision.

CEA also sees potential risk that in crises situations local supervisors may take measures at national level without previous coordination with the co-co in charge.

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