Committee of Insurance and Occupational Pension Supervisors, 2010, CEIOPS
' Advice for Level 2 Implementing Measures on Solvency II: SCR Standard Formula Article 111(d) Correlations.
(3.) In January 2011 the new European supervisory agencies EBA (European Banking Authority), ESMA (European Securities and Markets Authority) and EIOPA (European Insurance and Occupational Pensions Authority) emerged from the former L3L committees CEBS, CESR and CEIOPS
and gained more power in transnational supervision.
Within the interest rate risk submodule, the Solvency II framework defines upward and downward shocks for each maturity of the term structure of interest rates (see CEIOPS
The new rules are being drawn up with the Frankfurt-based Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS
) acting as the EC's advisor.
In the first week of December, CEIOPS
, the Committee of European Insurance and Occupational Pensions, said it would recommend a phased introduction of Solvency II from 2013 after various companies expressed concerns about their readiness.
The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS
), responsible for drawing up the so-called level 2' implementing measures in the Lamfalussy process, is recommending excessively "prudent" capital requirements on insurers that will lead to substantially higher costs, the federation says.
), and the Committee of European Securities Regulators (CESR)
The aggregate capital charge for market risk, [SCR.sub.Mkt], consists of several submodules (see, e.g., CEIOPS
According to an October report by Ernst & Young, the Commission of European Insurance and Occupational Pension Supervisors (CEIOPS
) conducted an analysis that identified Switzerland, Bermuda and the United States as the most important jurisdictions to the insurance markets within the EU.
The head of the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS
), which provides advice to the European Commission on the insurance sector, has said he wants clarification on how the EU's new supervisory structure will work.
, 2009, SCR Standard Formula: Further Advice on the Counterparty Default Risk Module, Technical report, Committee of European Insurance and Occupational Pension Supervisors' Consultation Paper no.