Ceiops members approve financial crisis guidelines

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FRANKFURT - The Committee of European Insurance and Occupational Pensions Supervisors (Ceiops) has released its guidelines approved by its member supervisors for dealing with a financial crisis.

The document, entitled Guidelines on preparation for and management of a financial crisis complement existing guidelines for co-ordination committees and are aimed at furthering co-ordination between national supervisors, laid out by a 2008 memorandum of understanding on cross-border financial stability.

Ceiops has agreed on 37 points for supervisors to manage and prepare for financial crises. Ceiops - one of the level 3 committees - is currently mandated to encourage information sharing between supervisors through supervisory colleges.

Under proposals laid out in February's Larosiere report Ceiops could be developed into a European Insurance Authority capable of European Union-level supervision.

The guidelines are viewable here.