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CEA has reiterated its firm belief that an advanced system of supervision that monitors insurers at group level is essential in the proposed solvency regime. “A piecemeal approach to the supervision of large financial groups does not work,” said director general Michaela Koller reflecting on the financial crises. “The future Solvency II regulatory regime must be able to identify the consolidated exposures of insurance groups and, in this context, supervisors should be able to act in co-operation”, she added.
“The Solvency II proposal, including the group support regime, offers a unique opportunity for aligning supervision to risk and capital management, based on a clear framework for supervisory co-operation and co-ordination”, Koller added.
(Full press release attached below)