CEIOPS published its Statement on the role of the lead supervisor for insurance groups supervision. The Statement sets out the tasks of the lead supervisor in the context of supplementary supervision of insurance groups as laid down in the Insurance Groups Directive.
A lead supervisor is expected to set out with the other supervisors in a Co-ordination Committee, an annual supervisory work plan based on a risk assessment, a programme of inspections and review meetings, as well as an annual review of the effectiveness of the work plan and regulatory initiatives.
A lead supervisor, however, does not inhibit the powers or reduces the responsibilities and competences of supervisors at subgroup level, including the request of adjusted solvency calculations at national subgroup level.
it is suggested that the Co-Co may avoid double reporting and reduce the burden on the Group by agreeing on one point for the collection of information at different levels of the group and it may on a voluntary basis, where national legal frameworks permit, seek agreement to delegate other tasks to or by the lead supervisor.
A survey on the practical functioning of the Co-ordination Committees is planned for early 2007.
Press release
Statement
© Graham Bishop
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