The Commission has published a working paper for the meeting of the IC Solvency Subcommittee on 22 April 2004. It contains further issues for discussion and suggestions for preparatory work for CEIOPS. The purpose of this paper is to initiate discussion on further Pillar I and Pillar II issues, in order to draw up requests for preparatory work by CEIOPS.
The first three chapters deal with Pillar I issues. Chapters 2 and 3 include both a draft wording of the relevant article in the framework directive and a draft request for preparatory work. Chapter 2 deals with asset management of an insurance undertaking while chapter 3 concentrates on the asset-liability management issues. Chapter 4 initiates discussion on the safety nets or measures regarding solvency margin, assets, and liabilities that will be included in the new solvency regime.
The last two chapters deal with Pillar II supervisory issues, namely supervisory powers and target level intervention. Both chapters are intended for a first round discussion and therefore do not include draft requests for CEIOPS. The Services want to underline the importance of input from all stakeholders and in particular CEIOPS, which is invited to provide advice so that requests for preparatory work can be drawn up.
The Services aim at presenting the first set of draft requests for preparatory work to CEIOPS in the Insurance Committee on 30 June 2004. The requests to CEIOPS will be issued shortly after.
Meetings of the IC Solvency Subcommittee will be held in the autumn to prepare the remaining requests for preparatory work by CEIOPS. The next set of draft requests will be presented to the Insurance Committee in December 2004.
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