CEIOPS issued a consultation paper concerning its draft further advice to the Commission in the framework of the Solvency II project on Supervisory powers.
CEIOPS proposes among others that all supervisory authorities should have the power to enforce compliance with laws and regulations, at least insofar as these are insurance related. They should have the power to lay down standards, recommendations and guidelines and to adopt interpretations, as well as to define and implement the principle of proportionality for undertakings.
Also, a group supervisor should have the duty and the powers to enforce the delivery of 'capital support' in cash and in a timely manner when needed at solo level.
Deadline for consultation is 12 January 2007.
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