02 February 2009

CEIOPS methodology for assessment of 3rd country professional secrecy standards

To facilitate an effective supervisory cooperation with third countries, the CEIOPS methodology identifies the key principles and objectives encapsulated in the insurance legislation.

To facilitate an effective supervisory cooperation with third countries the CEIOPS methodology identifies the key principles and objectives encapsulated in the insurance legislation regarding professional secrecy and the core 'indicators' of equivalence.

 

The ability to exchange information with a third country supervisor under conditions of professional secrecy will be critical to any broader assessment of the equivalence of third country supervisory regimes by CEIOPS Members.

 

The Reinsurance, Consolidated Life and Third Non-Life Insurance Directives contain similar professional secrecy provisions, founded on several principles/objectives in respect of which the equivalence of a third country professional secrecy regime can be assessed.

 

The methodology adopted by CEIOPS for the assessment of equivalence in this area identifies the:

Ø       key principles encapsulated in the [re]insurance legislation regarding professional secrecy;

Ø       objectives each principle seeks to achieve; and

Ø       core ‘indicators’ of equivalence - namely, those factors which provide guidance in determining whether the relevant principles and objectives are achieved.

 

Document

 

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