CEIOPS Comments on Commission’s Green Paper on Financial Services Policy

15 September 2005

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) published its comments on the Commission’s Green paper on Financial Services Policy stating that the Solvency II project represents an opportunity for reviewing a number of regulatory and supervisory issues whose regulation still need appropriate interventions or require further developments, such as the establishment of prudentially sound, yet more streamlined regime for cross-border groups or an appropriate harmonization of supervisory reporting.

With regard to the Green Papers' discussion of 'Areas where the Commission may decide not to make a proposal', CEIOPS would like to note that in Solvency II it is quite possible that use may be made of credit ratings from rating agencies in calculating credit risk capital requirements, as in the case of the CRD in the banking field. While work on this aspect of Solvency II is not yet concluded, CEIOPS should also be involved in the consultation on any initiative or follow-up related to this subject-matter along with CEBS and CESR.

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