Solvency II and the work of CEIOPS

Abstract

This paper by the Committee of European Insurance and Occupational Pensions Supervisors' (CEIOPS) Chair gives an overview of the main current features of the Solvency II project and CEIOPS work on it, at the time of writing (September 2007). After a brief summary of reasons, drivers and objectives for the proposed new regime, some of the details are described, in terms of CEIOPS' published Advice to the European Commission. Technical provisions, consistency with International Accounting Standards Board, and lead aspects of the three Pillars - solvency capital requirements, minimum capital requirements , internal models, qualitative criteria, supervisory review process, disclosure - are mentioned. CEIOPS' Qualitative Impact Studies are then outlined. The paper concludes with some open political issues. © 2008 The International Association for the Study of Insurance Economics.