CEIOPS have identified a refinement at module and sub-module levels in Levels 2 and 3 of Solvency II whilst also highlighting the importance of stregthening governance, risk management, and internal controls in the insurance sector. Of particular importance to the insurance sector, CEIOPS has found that the regulatory and supervisory oversight needs to focus more on insurers’ exposures to special purpose vehicles, credit default swaps and the procyclicality of regulatory regimes.
CEIOPS continues to work with other Level 3 Committees on the fallout from the current economic crisis and is following up on a number of projects with the Financial Stability Forum, G20 recommendations, and various EU Economic and Financial Committee Working Groups.
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