The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has published its 2007 work programme. Solvency II features heavily in the programme. CEIOPS plans to issue advice on a number of aspects related to all the Pillars of the Solvency II regime, which were consulted on in CEIOPS Consultation Papers 15 to 20. It will also prepare advice on potential Level 2 implementation measures, to be issued once the Framework Directive is put in place, which will also be aimed at paving the way for future Level 3 standards. CEIOPS intends to organise its third round of Quantitative Impact Study (QIS3). Following this, a further consultation paper on capital requirements, including a draft advice on both design and parameters of the SCR and MCR standard formula, will be issued in October 2007, with final advice expected in Spring 2008.
CEIOPS also plans to continue its analysis of the issues concerning the implementation of the Insurance Mediation Directive and the Luxembourg Protocol which – by mid-2007 – it expects to publish a report on the implementation of the IMD's key provisions and develop best practices and/or recommendations to the EU Commission based on the findings.
CEIOPS will further develop the possibilities and methods for the delegation of tasks and for joint on-site inspections, as well as the establishment of a Risk Assessment System for supplementary group supervision.
CEIOPS will seek to develop specific work streams to enhance consumer protection; continue to follow proactively the work of the International Accounting Standards Board and work towards a common understanding of the concerns over the implementation of the Reinsurance Directive.