CEA comments on CEIOPS Third Wave of Calls for Advice

09 February 2006

The CEA issued its comments to the draft answers to CEIOPS third wave of calls for advise stating that it favours a truly risk-based Solvency II system. CEA notes that the eligible elements to cover the capital requirements must be consistent with an economic approach in which the capital requirements are calculated based on a total balance sheet market-consistent value based approach. Also, there should be no artificial limits on the eligible elements of capital unless these can be economically justified.

CEA strongly supports the concept of a single lead supervisor as a cornerstone of the supervisory system. CEA supports the appointment of a lead supervisor in each co-ordination committee at inception. This appointment should be on a systematic basis for any group which is not a pure local player.

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