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CEIOPS published its latest comments to the Lamfalussy review” summarizing its progress to date and efforts under way towards enhancing EU supervisory convergence.
CEIOPS identifies three main building blocks for the Lamfalussy debate. If the Lamfalussy debate continues beyond 2007, it could take the form of “Lamfalussy II”.
CEIOPS underlines the importance to discuss what the main objectives and mandates for supervisors on the European level should be and what natural tensions might arise between national objectives and a possible European mandate. Consideration should also be given to how those tensions could be settled to achieve clear priorities for European supervisors.
“It goes without saying that these questions touch on basic responsibilities and the balance between the European Union and its Member States, including a possible delegation of national tasks”, the Committee notes. “They are therefore highly political, rather than technical.”
The Level 3 Committees are legal entities under the local law of their permanent locations, and are recognised internationally as having specific tasks and responsibilities. In this context CEIOPS would not support the concept of a traditional
On insurance group supervision, CEIOPS sees the future structure of group supervision for insurance as a separate building block.
With regard to Solvency II and the responsibilities between home and host
States CEIOPS calls for detailed decisions to be taken by the supervisors concerned on a case-by-case basis.