25 November 2015

EIOPA: EU-U.S. Insurance Project presents two reports

The Steering Committee of the EU-U.S. Insurance Project hosted a Public Forum in which it presented the overview of its 2015 activities involving the topic of group supervision and a report on the key elements of regulations and supervisory practices in respect of Group ORSA.

The main purpose of the Forum was to present the progress of the EU-U.S. Insurance Project on group supervision. The Project presented its vision of supervisory colleges as an effective tool for assessment of cross-border groups' risk profile. Project parties also discussed key elements and processes for the Own Risk and Solvency Assessment (ORSA) that are important to fulfil supervisory objectives.

More details can be found in two relevant reports that have been made publicly available:

• Overview of 2015 Activities Involving the Topic of Group Supervision and
• Key Elements of Regulations and Supervisory Practices in Respect of Group ORSA.

Industry leaders spoke at the event about challenges their firms face when operating on a cross-border basis and made suggestions on how to make the regulation and supervision of cross-border groups more efficient and effective.

Gabriel Bernardino, Chairman of European Insurance and Occupational pensions Authority (EIOPA), said: "This Forum has demonstrated once again that all the parties remain faithful to the objectives of the Insurance Project. I am sure that our common work will continue to deliver important elements to reinforce efficient and effective supervision of cross-border groups".

During the final session, the attendees learned about the current activities of the EU-U.S. Insurance Project. The Project parties outlined the milestones that have been achieved so far as well as the next steps. In his remarks, Michael McRaith, Director of FIO, said: "The EU-U.S. Insurance Project has fostered improved understanding and constructive collaboration between insurance supervisory authorities on both sides of the Atlantic."  Director McRaith continued: "This multi-party engagement will continue, with much more work ahead to address both existing and emerging issues".

Full news

Overview of 2015 Activities Involving the Topic of Group Supervision

Key Elements of Regulations and Supervisory Practices in Respect of Group ORSA

© EIOPA