The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has confirmed that it is reviewing the Solvency II supervisory framework project in light of the recent turmoil in financial markets.
In a press release, CEIOPS said the current crisis indicated that the risk-oriented approach for the insurance sector as envisaged by Solvency II was the most suitable approach, but that the magnitude of the crisis warranted a review of the implementing measures.
CEIOPS, which has provided technical advice on Solvency II to the European Commission, said that in order not to interfere with the approval of the Directive itself, the review would instead focus on the secondary implementation measures. It said lessons learned should lead to improvements in the global framework, to ensure that this was effective in times of crisis.
For our previous blogs on Solvency II please see here, here and here.
