Earlier this month, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) published its 2008 annual report outlining its 2008 achievements and its objectives for 2009. Much of CEIOPS' insurance work for 2009 will involve Solvency II. Also receiving priority in 2009 will be the supervision of cross-border insurance groups and the design of a risk assessment system for insurance groups. Work will also continue in the area of assessment of equivalence of third country regulatory regimes, particularly in the area of reinsurance and the forthcoming Solvency II directive.

On 1 June, CEIOPS published another report to the Commission on EU supervisory authorities' powers, objectives, sanctioning powers and regimes. The report confirms a high level of harmonisation between Member States for powers under the insurance and reinsurance directives. There is less harmonisation in the additional powers that some supervisory authorities have. The report may be of interest to insurers, reinsurers and intermediaries operating across borders as a comparison of the relative supervisory authorities' powers.