CEIOPS released a consultation paper concerning its draft advice to the Commission on supervisory reporting and public disclosure in the framework of the Solvency II project.
CEIOPS concludes that supervisory reporting requirements in the framework of Solvency II should support the risk-oriented approach to insurance supervision while public disclosure requirements should reinforce market mechanisms and market discipline.
CEIOPS also outlines the main subjects on which it believes that an insurance undertaking shall provide, both for public disclosure and supervisory reporting, material information on its solvency and financial condition.
With regard to the disclosure of the overall capital requirement without any specific breakdown, and regarding the public disclosure of any breaches of the solvency control levels, CEIOPS considers that more in-depth discussions would be beneficial in order to come to a final advice after considering the views of stakeholders and other interested parties following consultation.
Further thought is also required on any need for transitional arrangements and the possibility to review the arrangements following implementation of the new framework.
Deadline for consultation is 12 January 2007.
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