Overall, the industry welcomes EIOPA’s efforts to create a level-playing field with the same quality of standards for the run-off sector...
nsurance Europe has responded
to a consultation paper conducted by the European Insurance and
Occupational Pensions Authority (EIOPA) on its statement on the
supervision of run-off undertakings.
Overall, the industry
welcomes EIOPA’s efforts to create a level-playing field with the same
quality of standards for the run-off sector, as this will be helpful for
the long-term stability and success of this segment of the market. The
industry also supports the strengthening of expertise on run-off
businesses, as this will allow for more effective supervision.
A
good, adequate capital base of the acquirer is of utmost importance to
protect policyholders covered by the portfolio involved in the transfer.
In general, the procedures currently in place in the EU allow for
transfers at a reasonable cost and with a reasonable degree of
administrative burden. This should be maintained to safeguard the
international competitiveness of the European (re)insurance industry.
Less
prescriptive wording should also be used across the supervisory
statement, since its purpose should be to promote supervisory
convergence of existing requirements, and not the establishment of
additional rules for supervised entities or supervisors.
Insurance Europe
© InsuranceEurope
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