The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has published an Issues Paper on 'Risk Management and Other Corporate Issues'. The paper is not a formal consultation. Instead, it is part of CEIOPS' preparation for future work under the Solvency II project.
The paper sets out some high level principles and minimum qualitative requirements on the governance of undertakings, on how they manage various risks, including strategic risk, insurance specific risk, market risk, credit risk, liquidity risk and operational risk and on how they evaluate the correlations between risks.
CEIOPS considers that these principles and requirements could form the basis for a risk and governance structure of undertakings applying to both solo insurers and reinsurers, as well as group undertakings.
For further information: CEIOPS Issues Paper on Risk Management and Other Corporate Issues (PDF 193KB)