EU Level 3 committee says it must play a central role in the development of Solvency II
FRANKFURT – In light of the current economic turmoil, the Committee of European Insurance and Occupational Pensions Supervisors (Ceiops) has reiterated the importance of a having a risk-orientated approach towards Solvency II – the planned European Union capital requirements directive for insurers.
Ceiops has confirmed it, “without considering amendments to the architecture of Solvency II”, will start “reflecting on lessons to be learned for the proposed regime, with a view to any strengthening of the focus on financial stability, and any further convergence as a Level 3 Committee in the Lamfalussy process”.
The degree of future convergence through the Lamfalussy process remains unknown, but Ceiops is keen to stress an increasingly central role for itself in the Solvency II process. Ceiops also underlined the importance of a flexible approach suited to market conditions “in normal as well as in crisis times”.
Ceiops is keen to avoid disturbing the approval process of the Level 1 directive, and duplication of existing work by it and other bodies, so will it centrally co-ordinate its review work and will focus on lessons to be learned and Level 2 implementing measures.
More on Risk Management
Companies face more liquidity risk as Basel III prompts banks to reject excess cash
Chair of Europe's new bank resolution board says derivatives are not "sacrosanct"
Exclusive coverage of congress for energy traders and risk managers
Bank information systems are hobbled by an old trade-off
Sign up for Risk.net email alerts
Sponsored video: Elseware
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.