The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) held its Members' Meeting in Copenhagen on 6 December 2005. The meeting reviewed CEIOPS' ongoing work programme and certain of its key documents.
Three documents in particular were approved by the meeting and agreed to be released for public consultation, in particular:
the 'Draft answers to the European Commission on the third wave of Calls for Advice in the Framework of the Solvency II project'.
These draft answers include aspects of the forthcoming prudential system for insurance and reinsurance undertakings related to financial requirements (Pillar I), supervisory review process (Pillar II) as well as disclosure and reporting (Pillar III). They are to be seen in conjunction with the answers to the first and second wave of Calls for advice, already submitted to the European Commission.
the 'Consultation paper on prudential treatment of 'deeply subordinated debt''.
This paper results from a request from the European Insurance and Occupational Pensions Committee (EIOPC) to consider a proposal on possible changes to the prudential treatment of 'deeply subordinated debt' under the current insurance Directives.
the 'Recommendation on Independency and Accountability' approved for public consultation.
The advice is being provided to the European Commission on CEIOPS' own initiative and in conjunction with its response to the third wave of Calls for Advice. It focuses on the independence and accountability of supervisory authorities in general and the supervisory review process in particular.
Also the 'Fourth Progress Report to the European Commission on the Solvency II project' was approved, for issue to the European Commission.
Approved documents will be published on CEIOPS' website after minor editorial refinements.
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