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Council reached a general approach on the Solvency II directive stating that the "group support" that appeared in the Commission's proposal no longer appears in the Council's general approach. Some progress has been made, however, on a number of points concerning group supervision:
Ø Creation of "colleges of supervisors": places for information exchange and discussion between the supervisors of parent companies and the supervisors of subsidiaries;
Ø Strengthening of the role of the Committee of European Insurance and Occupational Pensions Supervisors, which ought to ensure greater convergence of prudential practices and which should be consulted when disagreements between supervisors of a college need to be smoothed out;
Ø Recognition of mutual benefit insurance companies which, like the other groups, could draw advantage from diversification between the risks they bear.
The European Parliament is due to vote during the week of 15 December
Further ECOFIN results here.