August 17th, 2009

Solvency II – Summary of CEIOPS March Consultation Papers: Transparency and Accountability for Supervisors

Posted at 1:00 AM ET

Financial Intelligence Team
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Consultation Paper No. 34 addresses transparency and accountability for supervisors, expanding on Article 30 of the Solvency II Directive. The Paper aims to make information related to supervision available in a timely manner to all interested parties. Its two main objectives — effectiveness of supervision and convergence of supervisory practice — are achieved by facilitating the interaction between the regulator and the supervised entity, ensuring the transparency of supervisory requirements, and providing easy access to the disclosed information. The result is to facilitate the comparison of supervisory approaches.

The emphasis of disclosure is on providing accurate and complete information. For this reason, CEIOPS will develop a common format to ensure that the criteria and methodologies national regulators use in their review processes are adequately understood by companies.

The disclosed statistical data is intended to provide information on both national insurance business and supervisory activities. The information on the insurance sector should cover Pillar I and Pillar II information. CEIOPS prepared a list of data to be commonly disclosed, which contains definitions of minimum data requirements in order to ensure comparability of the aggregate data between member countries. This does not preclude national regulators from disclosing additional information.

Aggregate statistical data on companies will be based on information already available to supervisors. The additional disclosure by supervisors will be completed, as its name suggests, on an aggregate basis and not for each individual entity, so that confidentiality will not be compromised.

It has been proposed to make available aggregate statistical data on supervised companies by July 31 of each year, starting in 2013. Information regarding the regulatory authority should be made available within four months of the close of the calendar year, also starting with calendar year 2013.

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Contributors:

  • Susan Witcraft, Managing Director
  • Frank Achtert, Managing Director
  • Iain Boyer, Managing Director
  • Michelle Harnick, Managing Director
  • Dave Lightfoot, Managing Director
  • Scott Lohman, Managing Director
  • Don Mango, Managing Director
  • Eddy Vanbeneden, Managing Director
  • Jeff Bellmont, Senior Vice President
  • Gina Carlson, Senior Vice President
  • Debbie Griffin, Senior Vice President
  • David Flandro, Senior Vice President
  • Benoît Butel, Vice President
  • Sebastien Portmann, Vice President
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