The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) published the draft conclusions of the consultative panel meeting which already took place on 7 September. The discussion was based on CEIOPS’ suggestions to identify a chairmanship from among the members of the Panel and create subgroups focusing on specific issues, like insurance and pension funds.
The Panel underlined among others the importance of developing the Solvency II project as quickly as possible to modernize the Solvency requirements, as the crisis in 2000 had shown that neither the industry nor the supervisors had the right tools to cope with this crisis. The European Commission’s representative stated that the redrafting of the existing directives would not hold up the overall process of Solvency II, as in the meantime not only QIS would be conducted but also a number of implementing measures would be elaborated, to be ready when the framework directive was finally proposed.
The next meetings of the Consultative Panel should take place during the second week of January 2006 and May 2006 and the first or second week of September 2006.
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