The report gives useful insight into areas which could benefit from more attention by supervisors. It points to issues requiring further harmonisation. With this publication CEIOPS closes the first phase of a full peer review exercise.
As part of its constant efforts towards enhancing convergence in the insurance and occupational pensions sector, and in line with the ECOFIN request, CEIOPS has assessed throughout 2009 the application of the provisions of information exchange and supervisory cooperation in the context of the General Protocol (in particular, those on authorization, cross-border activities and on-going supervision), the Budapest protocol2 (in particular those on cross-border activities and on-going supervision) and the Helsinki Protocol3 (in particular on the existing guidelines), together with CEIOPS-CEBS 10 Common Principles for Colleges of supervisors.
CEIOPS today publishes the summary reports of these first three self-assessment exercises offering pure factual information on the results of the self-assessment by CEIOPS Members and Observers. Together with the summary reports, the complete individual national replies of all CEIOPS Members and Observers have been made available on the CEIOPS website.
Michel Flamée, Vice-Chair of the Belgian Banking, Finance and Insurance Commission (CBFA) and Chair of the CEIOPS Review Panel, said: "These summary reports are the result of the candid sharing of practices and the willingness of CEIOPS Members and Observers to continue to enhance convergence. The reports give us useful insight into areas which could benefit from more attention by supervisors and points to issues where further harmonisation is needed."
With this publication CEIOPS closes the first phase of a full peer review exercise. The second phase consists of a review by peers. The final report on the results will be published in 2010.
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