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Solvency II News September 2012

Solvency II News September 2012

Ratings: (0)|Views: 13|Likes:
Published by George Lekatis
Solvency ii Association
http://www.solvency-ii-association.com

We are pleased to announce our updated Distance Learning and Online Certification programs:
1. Certified Solvency ii Professional (CSiiP) Distance Learning and Online Certification Program
http://www.solvency-ii-association.com/CSiiP_Distance_Learning_Online_Certification_Program.htm

2. Certified Solvency ii Equivalence Professional (CSiiEP) Distance Learning and Online Certification Program
http://www.solvency-ii-association.com/CSiiEP_Distance_Learning_Online_Certification_Program.htm

Register to receive Solvency II / Omnibus II related alerts, opportunities, updates, our monthly newsletter and limited time offers for our Solvency II / Omnibus II Training and Certification programs:
http://forms.aweber.com/form/28/1910009328.htm
Solvency ii Association
http://www.solvency-ii-association.com

We are pleased to announce our updated Distance Learning and Online Certification programs:
1. Certified Solvency ii Professional (CSiiP) Distance Learning and Online Certification Program
http://www.solvency-ii-association.com/CSiiP_Distance_Learning_Online_Certification_Program.htm

2. Certified Solvency ii Equivalence Professional (CSiiEP) Distance Learning and Online Certification Program
http://www.solvency-ii-association.com/CSiiEP_Distance_Learning_Online_Certification_Program.htm

Register to receive Solvency II / Omnibus II related alerts, opportunities, updates, our monthly newsletter and limited time offers for our Solvency II / Omnibus II Training and Certification programs:
http://forms.aweber.com/form/28/1910009328.htm

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Categories:Types, Business/Law
Published by: George Lekatis on Dec 03, 2012
Copyright:Attribution Non-commercial

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06/14/2013

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 _________________________________________ Solvency ii Associationwww.solvency-ii-association.com 
Solvency ii Association
1200 G Street NW Suite 800 Washington, DC 20005-6705 USATel: 202-449-9750www.solvency-ii-association.com 
Dear member,
 
 Today we will start from an interestingspeechGabriel Bernardino, Chairman of EIOPA 
 
Creating a global insurance supervisory Language
Conference on Global Insurance SupervisionGood evening, ladies and gentlemen,On behalf of EIOPA I would like to thank the International Center forInsurance Regulation for the cooperation and efforts in organisingtogether with us this Conference on GlobalInsurance Supervision.I am very happy to see todayso many colleaguesfrom the supervisory authoritiesas well as prominent experts and executive officers of theinsurance industry.Our purpose with this Conference is tocreate a platform of discussion and exchange of viewsabout the international context of insurancesupervision. Your presence and contribution to this event is key to its success and will certainly contribute to a better understanding of the different
 
 _________________________________________ Solvency ii Associationwww.solvency-ii-association.com 
regimes and will foster further convergence of practices of insurancesupervision worldwide.Insurance markets are increasingly global.Many insurance groups have nowadays ahuge part of their revenuescoming from business outside their home countries.  This creates new opportunities but also new challenges for insurers, butalso for supervisors. The promotion of sound and stable insurance markets calls for moreinternational cooperation. We firmly believe that the best way toreinforce financial stability and consumer protection is to developstrong globalregulatory and supervisory standards. This will create alevel playing fieldforinternational players, foster a commonlanguage between supervisors and improveinternational cooperation and informationexchange.I would like to share with you some views onthe ways of improving the efficiency of supervision from a global perspective.ComFrame ( Common Framework for theSupervision of Internationally ActiveInsurance Groups (IAIGs)- ComFrame is an integrated, multilateraland multidisciplinary framework for the group(wide supervision of internationally active insurance groups.ComFrame was initiated in response to the recognition that, despite thegrowing relevance of IAIGs in the global insurance marketplace,no
 
 _________________________________________ Solvency ii Associationwww.solvency-ii-association.com 
internationally coherent framework exists for the supervision of suchlarge, global groups.I would like to stress that EIOPA is highly committed to contribute tothe establishment of such standards and, in this regard, we consider our participation in the IAIS very important. EIOPA is actively contributingto the work of ComFrame. We consider it necessary toenhance regulatory capital requirements inorder to achieve adequate consumer protection on a global level.Of course, while calling for this measure, we take into account different perspectives and developments worldwide.Seen historically, the EU had experienced comparable discussions adecade ago. We fully support the move to enhanced group-wide supervision.Cooperation between supervisors in colleges is essential for the propersupervisory approach to Internationally Active Insurance Groups. We believe that information sharing and supervisory cooperation underconditions of professional secrecy is a key, determinative element of effective supervision. We need more shared supervision.Furthermore, Comframeshould comprise a capital element, establishingstrong principles for group capital calculations concerning the risksincluded, the metrics used to assess them and the overall level of confidence. Without this consistency, there is no level playing field internationally.It is not about one unique system, but about a set of strong principlesthat would deliver a range of closer and compatible systems.

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