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CEIOPS members met on 22 and 23 May and strongly supported modifying the Committee’s decision making process. CEIOPS will now proceed to adopt the principle of a qualified majority voting, coupled with a comply-or-explain procedure.
It also approved a number of draft documents including:
• CEIOPS’ advice on the implementing measures regarding the application of the proportionality principle to all three Pillars under Solvency II;
• CEIOPS’ advice on practical measures to facilitate the effective supervision of insurance groups. This covers, in particular, the operation of group support regime as well as the cooperation and coordination measures involved;
• CEIOPS’ draft input to the European Commission’s consultation on solvency issues for occupational pension schemes to form a basis for the Commission’s consultation envisaged for later this year.
• CEIOPS issues paper setting out the details of the own risk and solvency assessment (ORSA), which insurance undertakings will be required to carry out under the Solvency II regime, for a three month public consultation.