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CEIOPS final advice focuses on measures to facilitate their effective supervision. Part I relates to the Group Support Regime, part II to the rights and duties of the Group Supervisor and Colleges of Supervisors.
Part I relates to the Group Support Regime and addresses the detailed content of the criteria to be satisfied for the application of the regime. According to the Framework Directive Proposal, insurance and re-insurance undertakings within an insurance group can be authorized to cover their Solvency Capital Requirement with group support declared by their parent undertaking when certain criteria are satisfied.
CEIOPS advises the European Commission on the legal and economic criteria that need to be satisfied and verified, and on the specific requirements regarding public disclosure when the Group Support Regime is applied within an insurance group.
Part II relates to the rights and duties of the Group Supervisor and Colleges of Supervisors. CEIOPS covers 30 proposals for implementing measures that relate to the co-operation, co-ordination and information exchange in the Colleges of Supervisors.
CEIOPS final advice on insurance groups