CEIOPSCommittee of European Insurance and Occupational Pensions Supervisors
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19) Concerning interest rate risk, CEIOPS derived stress factors based on EUR and GBP government zero-bond yields as well as the corresponding LIBOR swap rates.
The new Solvency II standard makes explicit allowance for a counterparty risk module in its "standard formula" approach; see CEIOPS (2009).
CEIOPS, 2009, CEIOPS' Advice for Level 2 Implementing Measures on Solvency II: Technical Provisions.
CEIOPS is one of three committees mooted to transform into a triad of European supervisory authorities, which will have powers to issue legally binding technical standards on how to implement EU financial sector rules.
We have deliberately chosen the LPX indices over other available listed private equity benchmarks such as the S&P Listed Private Equity Index, the Global Listed Private Equity Index by Red Rocks Capital, or the Privex by Societe Generale, because their data series reach further back in time and the main index LPX50 has been employed by CEIOPS for the calibration of the Solvency II standard formula (see CEIOPS, 2010a).
CEIOPS recommended that only the regulatory regimes of Bermuda and Switzerland be further examined during the first wave for compliance with all three levels of equivalence.
They will be created from the ashes of three existing committees - CEBS, CEIOPS and CESR - commonly referred to as the level 3 committees' in the Lamfalussy architecture.
CEIOPS, 2008, Survey on Fully Funded, Technical Provisions and Security Mechanisms in the European Occupational Pension Sector, Committee of European Insurance and Occupational Pensions Supervisors.
The EU group assigned to take comment and work on implementation is the Committee of European Insurance and Occupational Pensions Supervisors, known as CEIOPS.
Three pillars: Solvency II's Pillar I defines quantitative (capital) requirements; Pillar II sets qualitative requirements, ie supervisory powers and internal governance systems; and Pillar III sets supervisory and reporting rules from national authorities to CEIOPS (Committee of European Insurance and Occupational Pensions Supervisors)