On 26 February 2008, the European Commission issued an amended proposal to the Solvency II Directive Proposal (COM (2007) 361) which was adopted on 10 July 2007. The July 2007 version of the Solvency II Directive Proposal represented a recast of 13 existing Directives in the insurance and reinsurance sector, together with new solvency provisions.
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Solvency II
EU: CEIOPS Releases Two Solvency II Consultation Papers
By Troutman Pepper Locke on
As reported here – CEIOPS Meeting Discusses Draft Advice to European Commission on Key Solvency II Issues], the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has now released it’s Consultation Papers of Draft Advice on Aspects of the Framework Directive Proposal related to Proportionality and on Insurance Groups. …
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EU: CEIOPS Meeting Discusses Draft Advice to European Commission on Key Solvency II Issues
By Troutman Pepper Locke on
A members’ meeting of the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) recently discussed two important Solvency II project’s draft Advices to the European Commission.
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EU: Solvency II and the European Commission’s Policy Priorities for the Insurance Sector
By Troutman Pepper Locke on
Charlie McCreevy, European Commissioner for Internal Market and Services, recently gave a speech at the Insurance Institute of London about the European Commission’s policy priorities for the insurance sector. Solvency II is currently the key project and will remain so until its transposition, which is intended to take place in 2012.
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UK/EU: Comité Européen des Assurances (CEA) Calls for Extra Scrutiny of Solvency II
By Troutman Pepper Locke on
The CEA, the representative organisation for European insurers and reinsurers has called for further impact analysis of Europe’s insurance regulation standard Solvency II. The CEA announced at the European Commission public hearing that the latest qualitative impact study (QIS4) on Solvency II needs to align more closely with the framework directive published in July 2007.
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Bermuda Regulatory: Bermuda Monetary Authority Publishes 2008/9 Business Plan
By Troutman Pepper Locke on
The Bermuda Monetary Authority (BMA) has published its 2008/9 Business Plan. The Business Plan sets out the BMA’s goal to become internationally recognised as a leading risk-based financial regulator.
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Solvency II: Quantitative Impact Study (QIS) 4 public hearing
By Troutman Pepper Locke on
In order to help prepare the ground for the development of implementing measures once the Solvency II proposal has been adopted, the Committee of European Insurance and Occupational Pensions (CEIOPS) will run a fourth quantitative impact study between April and July 2008.
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Proposed EU Insurance Capital Rules
By Troutman Pepper Locke on
On June 10, 2007, the European Commission in Strasbourg formally introduced the Solvency II Directive. Solvency II proposes to modify current capital requirements for insurance companies.