The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has published Consultation Paper No. 24 entitled Draft Advice on the Principle of Proportionality in the Solvency II Framework Directive Proposal (the Draft Advice). The first part of the Draft Advice covers the application of the proportionality principle to Pillar I requirements, as highlighted in the Solvency II Framework Directive Proposal. The second part of the Draft Advice covers its application to Pillars II and III, also following the Directive text. The final part of the Draft Advice considers the application of the proportionality principle in the context of internal models and groups. CEIOPS has also published an Annex which compiles the simplifications and proxies that have been developed for QIS4 specifications. An updated Annex will be provided following the QIS4 consultation. The deadline for comments on the Draft Advice is 25 April 2008.