The roadmap reflects the status of CEIOPS’ work in response to the latest ECOFIN roadmap and the G20 recommendations. CEIOPS has played a crucial role in developing the new Solvency II regime and ensuring that insurance and reinsurance undertakings will meet the challenge.
CEIOPS Roadmap on Convergence 2010 presents the different CEIOPS workstreams for 2010, in light of the latest ECOFIN Conclusions. The Roadmap will be regularly updated to reflect the status of CEIOPS’ work in response to the emergence of requests at the political level.
The structure of the 2010 CEIOPS Roadmap on Convergence follows the new approach of the latest ECOFIN Roadmap and is focused on:
· Workstreams in relation to the October 2009 Conclusions (Part IV)
· Ongoing workstreams initiated in the light of the 2008 Conclusions (Part V).
The workstreams under 2.1. reflect the substance of the G20 recommendations
As regards the Solvency II perspective:
Solvency II implementation will be a huge challenge for both insurance and reinsurance undertakings and supervisory authorities. CEIOPS has had a crucial role in developing the new regime and assuring, namely through the QIS exercises, and the extensive consultation processes, that insurance and reinsurance undertakings will be ready for this challenge. This workstream is closely related to the work undertaken by CEIOPS in relation to supervisory reporting and disclosure in the context of Solvency II. Consequently, following a decision taken by its members at the January 2010 meeting, CEIOPS will endeavour in 2010 to ensure that all members attain a satisfactory level of preparedness to implement the Solvency II regime.
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