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CEIOPS issued a consultation paper on the establishment of a mediation mechanism between insurance and pensions supervisors. The paper provides a design for a CEIOPS mediation mechanism and sets out the basic principles and the key features of the mechanism as formalized in the annexed draft Protocol.
The mechanism only deals with issues of cross-border nature, so that purely domestic disputes fall outside the scope of the mechanism. The accept-or-explain approach will ask a CEIOPS Member that decides not to participate or not to follow the outcome of mediation to explain the reasons why to the other CEIOPS Members.
The mediation mechanism should primarily focus on the cooperation and the exchange of information between competent Authorities under the relevant sectoral directives.
Also, mediation should be used not only to take a decision which effects are immediate but also to give the opportunity to supervisors to consider the issues in a more general context, for instance to adopt a common approach or settle acceptable terms for similar issues for the future.
Potential areas include:
It is intended to test the mechanism as soon as cases start to come up and review it in light of the finalization of the Solvency II project.
Deadline for consultation is 5 October 2007