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Today CEIOPS published its Work Programme 2007. Besides continuing to give advice on the creation of the Solvency II Framework Directive CEIOPS will move on to prepare advice on future implementing measures and supervisory standards, both in the field of insurance and occupational pension funds. Also CEIOPS expects to develop additional tools for convergence in 2007.
Aspects of CEIOPS work include the following issues:
On Solvency II CEIOPS will finalize its additional advice on some aspects included in the three waves of Calls for Advice, in order to provide the EU Commission with the technical elements needed to finalize its Framework Directive proposal. It will work on aspects that could be included both in advice on Level 2 implementing measures or in future Level 3 standards.
On Pillar I, CEIOPS plans to issue its advice on a number of aspects related to all the Pillars of the Solvency II regime in March 2007, including technical provisions, MCR formula, SCR standard formula, SCR internal models, safety measures and eligible elements of capital.
On Pillar II, final advice will be issued on additional capital requirements, the harmonization of supervisory powers and Pillar II aspects relevant to reinsurers. The advice will also cover group aspects where relevant.
On Pillar III, the advice on the principles of supervisory reporting and public disclosure under Solvency II will be finalized. CEIOPS will develop further advice towards Level 2 measures and Level 3 standards that can contribute to the process of convergence in the field of public disclosure under Solvency II. CEIOPS will also work in detail on convergence principles for supervisory reporting, regarding minimum common supervisory reporting contents and formats.
CEIOPS will issue a report on eligible elements of capital in March 2007. A third round of Quantitative Impact Study (QIS3) is planned immediately after delivering the advice in March 2007 on Pillar I issues. It is expected to be executed from April to June 2007. QIS3 will cover the testing of a set design of capital requirements and will be focused on the calibration of their parameters and assumptions
CEIOPS is expected to start preparing a report on supervisory issues arising from the implementation of the Insurance Mediation Directive (IMD). The report could lead to recommendations to the Commission for reviewing the EU legislation. Recommendations to the Commission could also emerge from CEIOPS’ work on the implementation IORP Directive.
CEIOPS will also develop practical guidelines on accommodating the exchange of information between supervisors on group supervision.
Further information
Work in Progress