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31 August 2010

Solvency II: CEIOPS final advice on equivalence assessments to be undertaken in relation to Articles 172, 227 and 260


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CEIOPS advocates that the Commission consider the need for a suitable transitional period in order to integrate the international operations of groups into the Solvency II regime and to allow for a harmonised approach across Europe.


CEIOPS has considered the following list of factors in conjunction with the specificities of each of the relevant articles within Solvency II where equivalence assessments are envisaged: i.e. Article 172, dealing with the equivalence of reinsurance supervision; Article 227, dealing with the group solvency calculation, and Article 260, dealing with the equivalence of third country group supervision.
 
·         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.
 


© CEIOPS


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