CEIOPS' Contributions to FSC's project on Supervisory Tools

27 December 2005

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) issued its comments to the proposed new draft Financial Supervision Report to the European Financial Services Committee's (FSC), underlining the need to avoid duplication in supervisory activities and enhanced cooperation.

Among others, CEIOPS states that it could continue to foster this co-ordinated supervision of major insurance groups by its Members through the work of its Insurance Groups Supervision Committee. These or similar co-ordination arrangements could have added value besides functioning in the specific application of supplementary supervision.

CEIOPS generally supports Peer Reviews as a means of enhancing convergence of supervisory practices, and sees them as a tool with built-in convergence possibilities. However, the concept of Peer Reviews outside the Solvency II project has prompted varied initial comments by CEIOPS’ Members, ranging from supporting that they may ultimately be essential to achieving greater supervisory convergence, to certain scrutiny reservations.

Cover letter
Annex

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