The Committee of European Insurance and Occupational Pension Supervisors (CEIOPS) has published a consultation paper on a draft general protocol relating to the ongoing collaboration between the insurance supervisory authorities of EU Member States. The protocol reflects the growing awareness of the growth of the internal market and increasingly internationalised business which will require greater collaboration between supervisors within the EU. Furthermore, the protocol will be part of the supervisory framework required under the Solvency 2 directive, and will be developed accordingly.
Under the protocol the competent authorities in Member States agree to cooperate and use all information available for supervisory purposes in order to achieve the objectives of insurance supervision as well as financial stability and the required protection of policyholders.
The deadline for comments on the Consultation Paper is 5 February 2008.
For further information: Draft General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union (PDF 323KB)