A members' meeting of the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) recently discussed two important Solvency II project's draft Advices to the European Commission.
The draft Advice on Proportionality looks at how to gear the new regime to the nature, scale and complexity of risks so as to ensure appropriate treatment of all undertakings, including those that are small and medium-sized.
The draft Advice on Aspects of the Framework Directive Proposal related to Insurance Groups looks at measures to ensure effective group supervision including the rights and duties of the Group Supervisor.
These documents will be released for public consultation shortly and CEIOPS hopes to obtain a wide response from stakeholders. The full CEIOPS press release can be found here.