CEIOPS published a Consultation Paper of draft advice to the Commission for the Solvency II project on Insurance Groups. The draft advice concerns measures to facilitate their effective supervision. In view of the tight timing for this Advice on the proposed new and complex system of Group Supervision, CEIOPS is required to focus on its most immediate issues. They are based on the Proposal and do not put it into question.
Part I relates to the group support regime. It addresses the detailed content of the criteria to be satisfied for the application of the Regime. According to the Framework Directive Proposal, insurance and reinsurance undertakings within an insurance group can be authorized to cover their Solvency Capital Requirement with group support declared by their parent undertaking when certain criteria are satisfied. In its Draft Advice, CEIOPS advises the European Commission on the legal and economic criteria that need to be satisfied and verified, and on the specific requirements regarding public disclosure when the Group Support Regime is applied within an insurance group.
Part II relates to the rights and duties of the Group Supervisor and Colleges of Supervisors. CEIOPS covers 30 proposals for implementing measures that relate to the cooperation, coordination and information exchange in the Colleges of Supervisors.
Deadline for responses is 25 April 2008.
CEIOPS will organise a Public Hearing on both Consultation Papers on 2 April 2008.
Press release
Consultation Paper on Insurance Groups
© Graham Bishop
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