CEIOPS held its Members’ Meeting in Budapest on 25 and 26 October 2006. The Meeting considered a variety of important issues regarding CEIOPS’ present and future work, and the documents to progress it.
On Solvency II, final Advices to the Commission were approved. The subjects cover insurance undertakings’ internal risk assessment requirements, supervisors’ evaluation procedures and harmonised supervisors’ powers and tools, including capital add-ons; and diversification effects on SCR, sub-group supervision, cooperation with third countries, and issues related to MCR and SCR in a group context
In addition, a number of draft Consultation Papers were addressed at the Meeting. One deals with further Pillar I issues, including the adequacy of financial resources, technical provisions, the MCR and the SCR formulas, SCR internal models, safety measures, and capital and special treatments. Among other conclusions, CEIOPS reached a common position on some important principles to be used in the measurement of technical provisions.
Another draft Consultation Paper covers principles of supervisory reporting and public disclosure. These draft Consultation Papers will be revised to incorporate progress made in discussions, then finalised and issued for public consultation.
Other draft Consultation Papers considered at the Meeting were on: Pillar II issues relevant for reinsurance; safety measures – limits on assets; Pillar II add-on; and supervisory powers. These will be published after minor final revision and editorial refinement.
Also as part of the Solvency II project, following CEIOPS’ most recent Quantitative
Impact Study (QIS2) and its discussion at the Meeting, a Report will be prepared for Members’ final approval and publication.
Press release
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