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07 April 2010

CEIOPS’ 2010 report on the functioning of Colleges


The report provides clear evidence of improvement in cooperation between supervisory authorities. For example, 43% of the Colleges have designed a concrete and precise work plan to coordinate supervisory work of the different members of the College.

CEIOPS provides clear evidence of improvement in supervisory cooperation CEIOPS published today its 2010 Report on the Functioning of Colleges providing clear evidence of overall improvement in cooperation between supervisory authorities.
 
CEIOPS’ Report is based on data collected from all member supervisory authorities that oversight the 108 insurance groups operating cross-border activities within the EEA area. The report provides detailed statistics as to 53 of the most active Supervisory Colleges including those established for the largest 30 groups in 2009.
 
Among the most notable results in relation to performance of Supervisory Colleges in 2009 we note the following:
 
·         43% of the Colleges have designed a concrete and precise work plan to coordinate supervisory work of the different members of the College
·         80% of the Colleges for largest groups have reported inspections are regularly planned and co-ordinated within the College, This includes joint inspections or sharing of on-site inspection findings within the college.
·         81% of lead supervisor of cross-border insurance groups that are part of a financial conglomerate involve supervisory authorities responsible for the supervision of the other sectors in the Colleges.
·         95% of Colleges that have met in 2009 observed the CEIOPS recommendation for meeting practical arrangements and follow CEIOPS Colleges guidelines when coordinating the gathering of information
·         95% of Colleges that have met in 2009 assessed the group control and risk management framework, monitored and discussed on Intra Group Transactions and assessing the group solvency position.
 
CEIOPS report also notes area for further improvements in order to ensuring that supervision of cross-border insurance groups meets current and future EU regulatory standards. As such, CEIOPS has put in place an action plan for Colleges including a strategic planning for further improving the functioning of Colleges. CEIOPS will monitor the implementation of the objectives set out in the action plan by quarterly or semi-annual deadlines.
 
 
 


© CEIOPS


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