Following agreement on the Solvency II Directive framework (see our blog here), a recent CEIOPS Members Meeting held on 25/26 March 2009 has identified the importance of the implementation of the Solvency II regime.
Solvency II
EU: Solvency II Directive Agreed – Group Supervision Proposals Dropped
By Troutman Pepper Locke on
The Solvency II framework directive has finally been agreed and the proposals are expected to be formally passed in the next six weeks by both the European Parliament and the European and Financial Affairs Council (a subset of the Council of Ministers).
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De Larosière Report on Financial Supervision in the EU
The high-level group on financial supervision in the EU, chaired by Jacques de Larosière, published an initial report recommending ‘repair’ of the oversight of financial services across Europe. In addition to de Larosière, the group is composed of seven senior European figures from the financial services industry and its regulators, including Leszek Balcerowicz, former president of the National Bank of Poland, and Callum McCarthy, former chairman of the UK’s Financial Services Authority. …
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Solvency II: Group Supervision Proposals Under Threat
By Troutman Pepper Locke on
Posted in European Union, Solvency II
A key part of the new Solvency II regime, due to come into force in 2012, looks set to be removed or watered down following a recent meeting of the EU’s Economic and Financial Affairs Council (Ecofin). The group supervision and group support proposals approved by the European Parliament would allow assessment of capital and risk across an insurance group and increased co-ordination of the relevant supervisors.
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EU: CEIOPS Publishes QIS4 Report
By Troutman Pepper Locke on
Posted in European Union, Solvency II
The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has published the full report on its fourth Quantative Impact Study (QIS4) on the proposed Solvency II regime (the Report). …
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EU: CEIOPS Begins Review of Solvency II Implementation in Light of Financial Crisis
By Troutman Pepper Locke on
Posted in European Union, Solvency II
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. …
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BMA Issues Regulatory Update for October 2008
By Troutman Pepper Locke on
On 8 August 2008, the Bermuda Monetary Authority (the BMA) announced significant enhancements to Bermuda’s solvency and disclosure regulations for insurance which were intended to help Bermuda achieve recognition as having equivalent regulatory standards to those in Europe (see our previous post here).
EU: Solvency II – European Parliament Economic and Monetary Affairs Committee Votes on Solvency II
By Troutman Pepper Locke on
The Economic and Monetary Affairs Committee of the European Parliament recently approved changes to the text of the Solvency II Directive. The changes included amendments to the group supervision regime so as to ensure that local supervisors of subsidiaries in a group have a greater role in the overall supervision of that group. …
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UK/EU: FSA Issues Discussion Paper (DP) on Solvency II
By Troutman Pepper Locke on
The FSA has recently issued a DP in preparation for Solvency II. Entitled “Insurance risk management: The path to Solvency II”, the DP explains key elements of the Solvency II regime and identifies areas that UK insurers should be considering over the next 18 months to prepare for implementation in 2012.
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EU: Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) Presents Preliminary Findings from QIS4
By Troutman Pepper Locke on
CEIOPS has presented its preliminary findings from QIS4 to the European Parliament’s Economic and Monetary Affairs Committee. CEIOPS confirmed that the target participation rates in QIS4 had been exceeded, with 34% of individual EEA insurers and 65% of cross-border groups taking part in the study. …
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