The EC called for advice asking CEIOPS to identify and prioritise the third countries where an equivalence assessment would be desirable before the introduction of Solvency II.
CEIOPS has released for public consultation its Draft Advice to the European Commission on Equivalence assessments to be undertaken in relation to Articles 172, 227 and 260 of the Solvency II Directive. The Draft Advice was produced as a response to the European Commission Call for Advice asking CEIOPS to identify and prioritise the third countries where an equivalence assessment would be desirable before the introduction of Solvency II, while recognising that further equivalence assessments will be carried out subsequently to the first wave.
In its call for advice, the Commission has also provided a non-exhaustive list of some of the factors that CEIOPS should take into account when determining the list of first wave third countries. These factors are:
- Whether the third country currently has a supervisory regime that is fully risk-based or has taken measures to move towards such a system;
- The materiality of an equivalence finding to EU insurance and reinsurance undertakings and their policy holders;
-The number of related undertakings situated in the third country held by EU insurance and reinsurance undertakings;
The importance to the insurance market in the third country of the equivalence finding; and
_ The existence currently of mutual recognition or equivalent arrangements between third countries and Member States.
Deadline for comments is 13 August 2010.
© CEIOPS
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