02 August 2004

Commission Consultation on Solvency II

The Commission published a number of documents including a roadmap, the framework for consultation, and the ‘first wave’ calls for advice to CEIOPS on Solvency II. At the June meeting of the Insurance Committee, Members discussed a Roadmap for the development of the Solvency II project. The Roadmap foresees the preparation of a Commission proposal for a Framework Directive for the end of 2005 with the detailed legislation being subsequently adopted by means of implementing measures with a target completion date of 2008.

The Framework for Consultation covers the totality of the Solvency II project. It sets out the policy principles and guidelines within which CEIOPS should develop its advice for the Solvency II project.

The call for advice includes a first set of Specific Calls for advice from CEIOPS in connection with the development of a new solvency system (Solvency II) for life and non-life insurance undertakings and reinsurance undertakings.

Technical advice from CEIOPS is requested in the context of the Commission preparing a proposal for a Framework Directive and subsequent implementing measures.

The second wave of calls for advice will address chiefly pillar 1 issues (quantitative capital requirements) and the third wave, pillar 3 (disclosure and market discipline) and remaining issues.

The Commission will submit the second wave to IC consultation on 1 December 2004 and the third wave at the first IC meeting in 2005. Immediately, after IC consultation, the Commission intends to forward the calls for advice to CEIOPS, as amended in the light of IC consultation.

CEIOPS provides the Commission with regular progress reports. Reports should be provided at four monthly intervals, the first being on 31 October 2004. Technical advice (under the first wave of specific calls for advice) in relation to the preparation of the Framework Directive should be provided by 30 June 2005.

Letter Alexander Schaub to CEIOPS
Framework for consultation
Calls for Advice (First wave)
Schedule 1 - List of Work Areas and Timing of Calls for Advice

© European Commission