CEIOPS releases Solvency II information exchange guidelines

CEIOPS has released new guidelines highlighting the need for a free flow of information between lead supervisors and other competent authorities

FRANKFURT – The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has produced Guidelines on Information Exchange between Lead Supervisors and Other Competent Authorities, as an annex to its December 2006 Statement on the Role of the Lead Supervisor for compliance with the Solvency II directive.

The annex repeats calls for increased awareness, better communication and a “free flow of information” between insurers and member state supervisors to aid compliance with the European Union’s Solvency II directive. The EU said in July that Solvency II implementation would be delayed from 2010 to 2012.

CEIOPS is charged with the launch of the Solvency II regulation. The release of the extended guidelines complements its ongoing Quantitative Impact Study 3 consultation with the insurance industry on the impact of the standard models used to calculate required solvency for Solvency II.

The UK Financial Services Authority has echoed CEIOPS’s call for greater transparency, saying smaller insurers and users of internal models need to provide more information to assess standard model calibration.