The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has published its final advice to the European Commission on the Equivalence assessments to be undertaken in relation to Articles 172, 227 and 260 of the Solvency II Directive. The advice follows the draft advice previously published (see here) in July 2010.
In a significant change to the draft advice, the final advice confirms that CEIOPS will undertake an equivalence assessment of the US if requested to do so by the European Commission. Despite still having concerns over the group supervision regime and stating that "an assessment under Article 260 would not currently seem appropriate", CEIOPS the final advice confirms that "CEIOPS stands ready to undertake an assessment of the US supervisory regime in its entirety in respect of articles 172 and 227." This change has been made for a number of reasons noted in the final advice, including the positive response received from the NAIC during the consultation period regarding their willingness to participate in an assessment.
CEIOPS has also removed Japan from the first wave of assessments.