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As a result of the new solvency regime, also the powers of supervisory authorities will need to be reviewed and adjusted. In particular, an adjustment is needed for those powers concerning the supervisors’ ability to effectively control insurance undertakings’ risk management and internal control issues, and the possibility for supervisors to require undertakings to hold supplementary capital.
The survey covers among others issues with regard to the independency of the Supervisory Review Process and the underlining minimum as well as aspects of the accountability of the supervisory.
Due to the increase in Consultation Papers expected in CEIOPS considers it necessary to shorten the consultation period under its consultation policy to two months.
Deadline for comments is 9 February 2006.