UK proposes colleges of supervisors under Solvency II
Daily news headlines
LONDON – The use of supervisory colleges to bring together member state regulators in closer supervision of cross-border insurance and reinsurance groups is the key proposal of a new paper from the UK Treasury and Financial Services Authority (FSA) regarding Solvency II implementation.
The report contains a number of proposals aimed at encouraging better supervision across European Union insurance groups and reducing administrative burdens. It represents the UK’s contribution to the development of the EU’s Solvency II insurance directive.
Colleges of supervisors are endorsed by the UK Chancellor of the Exchequer Alastair Darling and featured prominently in last month’s Ecofin council recommendations for a supervisory solution for cross-border banks.
The Treasury said its proposals mark a continuation of UK advocacy of a risk-based approach to EU financial regulation, contributing to increasing modernisation and competition for the insurance sector.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Regulation
Risk management
Nasdaq whacked with $36 million fine over Aas default
Swedish regulator’s fine poses serious questions over default management and margining, while providing few answers
Receive this by email