FRANKFURT - The Committee of European Insurance and Occupational Pensions Providers (Ceiops) has released feedback to its issues paper on system of governance.
The governance paper, issued by Ceiops last November, sought comments on governance requirements, risk management, 'fit and proper' requirements, internal control, internal audit, actuaries and outsourcing.
Ceiops says responses were generally positive but included suggestions to amend its analysis, further material for Level 3 guidance and draft advice for the actuarial and outsourcing issues.
It has also provided clarification on a number of issues that it will not forward in its proposed advice to the European Commission. These include terms and definitions, functions, internal model context, group context and expansion of areas being developed.
The feedback statement can be read here.