On April 2, 2013, the European Insurance and Occupational Pensions Authority (EIOPA) issued a press release stating that the Steering Committee of the EU-U.S. Insurance Dialogue Project agreed on a high-level work plan to be implemented over the next five years. The plan calls for the implementation of the initiatives outlined in the Steering Committee’s “Way Forward Document.”
Implementation of the EU-U.S. Insurance Dialogue Project’s plan will begin this year. According to the press release, particular focus will be given to initiatives relating to “professional secrecy/confidentiality and reinsurance and collateral requirements.” Work will also begin on “initiatives pertaining to solvency and capital requirements, group supervision and on-site examination practices.”
The Steering Committee anticipates convening a public forum in late 2013 to discuss the achievements of the EU-U.S. Insurance Dialogue Project, launch the collaborative work on supervisory colleges, and provide an opportunity for stakeholders to share their thoughts about best practices and experiences regarding supervisory cooperation and coordination.