First plenary meeting of the CEIOPS
12 February 2004
The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) held its first first plenary meeting on 4 February 2004. CEIOPS discussed the main issues on which it is currently working. In particular the Committee decided the creation of several working groups on its main subjects of studies:
5 working groups were created in order to study the different aspects of the Solvency II exercise (life and non-life (pillar I), supervisory review (pillar II), disclosure/accounting (pillar III and cross sectoral issues) in which the Committee will provide advice to the European Commission and draft Level 2 measures to implement the future Solvency II directives.
A working group on occupational pension issues was created. It will in particular have to examine the inclusion of the occupational pensions supervisors in the protocols organising the co-operation and information exchange between supervisors for the implementation of the IORPs Directive.
In addition, a working party of the CEIOPS is studying matters related to financial stability and insurance. It will set up a monitoring tool allowing assessment of the situation of the insurance market in Europe, and prepare the work performed by the CEIOPS on the request of the European institutions studying financial stability issues (Economic and Financial Committee, Financial Services Committee).
A working group is also studying the issues raised by the implementation of the so-called Helsinki Protocol, which organises the co-operation between supervisors for the implementation of the Directive on 98/78 on the supplementary supervision of insurance undertakings that belong to an insurance groups.
The CEIOPS will meet at least 3 times a year. The next meeting will be held in Brussels on 29 June 2004. Starting in 2005, 2 meetings will be held at the location of the Secretariat in Frankfurt. The venue of the third meeting is to be decided.
Background
The CEIOPS is composed of high level representatives from the insurance and occupational pensions supervisory authorities from Member States of the European Union. It performs the functions of the Level 3 Committee for the insurance and occupational pensions sectors in applying the 'Lamfalussy' Process. It will also continue to fulfil the tasks of the former Insurance Conference as a forum of co-operation and information exchange between insurance and occupational pensions supervisors.
The CEIOPS will:
Advise the Commission, either at the Commission’s request or on the Committee’s own initiative, in particular as regards the preparation of draft implementing measures in the fields of insurance, reinsurance and occupational pensions.
Contribute to the consistent implementation of EU Directives and to the convergence of Member States’ supervisory practices throughout the Community.
Constitute a forum for supervisory co-operation, including the exchange of information on supervised institutions.
Deal with convergence in the supervision of insurance companies and occupational pension funds. This role involves, in particular, the drafting of implementation measures for the implementation of the directives on insurance and occupational pensions, and establishing guidelines and standards ('Level 3' measures) in the areas that are not subject to harmonised European Legislation. It also involves the participation of the CEIOPS to the work of different European institutions in charge of issues relating to insurance and occupational pensions, in particular the Economic and Financial Committee and the Financial Services Committee
Press release
© CEIOPS
