The advice on insurance groups concerns measures to facilitate their effective supervision, focusing on the group support regime and the rights and duties of the Group Supervisor and Colleges of Supervisors.
The advice on proportionality expands on factors to be considered in the application of the proportionality principle and gives some first indications as to how proportionality could operate in practice. It concludes that whilst the proportionality principle is essential for ensuring that the new regime is workable for all EEA firms, the system must remain supervisable and the standard requirements should also be proportionate to ensure a level playing field. In addition, the application of the proportionality principle should ensure that the same level of protection is guaranteed for all policyholders.
The paper entitled “Advice to the European Commission on aspects of the Framework Directive Proposal related to Insurance Groups” can be viewed by clicking here.
The paper entitled “Advice to the European Commission on the Principle of Proportionality in the Solvency II Framework Directive Proposal” can be viewed by clicking here.
