CEIOPS publishes advice on insurance groups and proportionality
New advice for Solvency II on groups and proportionality emerges from CEIOPS
FRANKFURT – Final advice, on proportionality and on insurance groups, has been issued by the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) for the European Commission’s Solvency II regulation.
The advice on proportionality is aimed to help define what is covered by application of the principle and how it will work in practice. The advice develops ideas on how to gear the new risk-based regime to an insurer’s risks, to ensure appropriate treatment for small and medium undertakings.
For insurance groups, CEIOPS has forwarded its advice on public disclosure and legal and economic criteria for the application of the Framework Directive Proposal. According to the proposal, when certain criteria are satisfied, insurance undertakings within a group may cover their Solvency Capital Requirement with group support declared by their parent undertaking.
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