CEIOPS has published an issues paper on the supervisory review process and undertakings' reporting requirements under Solvency II. (See: Issues Paper) The issues paper covers some of the main components of Pillar II (concerning the way supervisors conduct their reviews) and Pillar III (supervisory reporting and public disclosure) elements of the Solvency II regime.
This issues paper is CEIOPS' first move to embark on a dialogue with the industry on a possible framework for supervisory review and reporting requirements, as well as an opportunity for CEIOPS to outline their current thinking on these issues.
The paper contains three separate sections, focusing on:
- the framework through which insurance supervisors will be able to assess and monitor likely risks to policyholders;
- the information analysis that will be required to evaluate the strategies, reporting procedures and processes set up by insurers; and
- the likely quantitative and narrative reporting requirements under Solvency II.
Comments are invited by 12 November 2008 to email@example.com, using this comments template. Based on the material presented by CEIOPS in this issues paper, together with responses received from stakeholders, CEIOPS plans to develop advice for the European Commission for Level 2 implementing measures and/or Level 3 guidance.
For further information on Solvency II, please see our previous blogs: