CEIOPS Highlights Improved Performance of Authorities in the Supervision of Cross-Border Insurance Groups

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) recently published a report on the results of its survey on the practical supervisory co-operation by Coordination Committees under the Solvency I framework. The survey was sent to the ‘lead’ supervisors of all 110 cross-border insurance groups. The results show an increased level of cooperation between the supervisors of large and mid-sized insurance groups when compared to previous surveys (conducted in 2004 and 2006), with the establishment and operation of effective Coordination Committees in accordance CEIOPS guidelines.

CEIOPS noted however that for small insurance groups’ supervisors, fewer Coordination Committee meetings occurred as the supervisors of small groups often did not see a need for such meetings. The CEIOPS report offered assistance in arranging Coordination Committee meetings for small insurance groups whilst acknowledging that these should be proportionate.

The full report can be found by clicking here and the CEIOPS press release can be found by clicking here.