The discussions at the European level around the new prudential regime for insurers defined under the banner of Solvency II have gathered pace in recent months. The European Commission sent out the first request for advice in July 2004, to which CEIOPS4 provided a progress update and plan of subsequent work in October 2004. Since then the draft response of CEIOPS to the 1st wave for advice was published at the end of February 2005, and CEIOPS’ Working Groups have started work on the second and third wave calls for advice and as such require stakeholders’ input – notably the insurance industry’s. For the 2nd wave, a draft answer from CEIOPS is expected at the end of June, with comments from external stakeholders to CEIOPS expected to be accepted until the end of September, and CEIOPS’ final report due at the end of October 2005. The formal input from CEIOPS to the 3rd wave will be published at the end of February 2006.

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