In this press release, Representatives of the European insurance industry have urged the European Commissioner for the Internal Market and Services, Michel Barnier, to ensure that the overly conservative and prescriptive elements still contained in the draft implementing measures for the forthcoming EU regulatory regime, Solvency II, are urgently addressed.
Economic Capital Models (“ECMs”) are a hot topic of discussion within the insurance industry: what is the target level of confidence?
Supervisory Powers - further advice' We welcome the opportunity to comment on this draft advice. The CRO Forum believes it is key to have appropriate harmonisation of supervisory powers, next to an adequate solvency system.
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.