09 December 2005

CEIOPS fourth progress report on Solvency II

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) issued its fourth Progress Report on Solvency II. CEIOPS will continue to work on the overall Solvency II project and intends to cover the entire development of the new prudential framework, not only by contributing to the preparation of the Framework Directive (Level 1 measures), but also by continuing to assist the European Commission in the preparation of potential implementing measures (Level 2 measures) and by issuing any consequent supervisory measures (Level 3 measures).

The proposal for the Framework Directive is planned for mid-2007. CEIOPS will publish further consultation papers focussing among others on technical provisions, functioning of Pillar 2, supervisory cooperation.

In October 2005, CEIOPS started a first round of QIS (QIS1) to be finalized by 31 December 2005, and restricted on technical provisions in life and non-life, with particular regard to the level of prudence to be embedded in the measurement.

A more comprehensive, second round of QIS (QIS2), including solvency requirements, is expected to start in May 2006. The pre-test phase of this QIS, with a small sub-sample of insurers in each Member State, is expected to start around April 2006. The results of QIS2 are planned to be sent to the European Commission in October 2006.

Full report

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