Archive for August, 2008
CEIOPS Issues Paper on Supervisory Review Process and Reporting Requirements
CEIOPS published its issues paper on the Supervisory Review Process and Undertakings’ Reporting Requirements. This Issues Paper is CEIOPS´ first attempt to undertake a discussion with stakeholders on a possible framework for supervisory review and reporting requirements.
Based on the material presented in this Paper, together with feedback received from stakeholders, CEIOPS will develop advice to the European Commission for Level 2 implementing measures and/or Level 3 guidance.
Click here to download the full paper.
CEA publishes document on group support
The CEA has prepared an FAQ document to explore some important legal and technical questions that have been raised with regard to the group support mechanism.
This document describes how group support will work in practice, drawing from both the principles of the Framework Directive and established business practice for insurers and fi nancial services more generally and aims at addressing the legal questions that arise in connection with the group support regime as envisaged by the European Commission’s proposal for a Solvency II Framework Directive.
Click here to download the full document
Aspis reorganises Group to meet the requirements of Solvency II
Following the instructions of EPEIA (Commission for the Supervision of Private
Insurance of the Hellenic Republic) , Aspis Group said that, as a first step and
within the framework of its reorganisation, Commercial Value -a member of
the group- will launch a share capital increase plan, worth more than 90 million
euros in the next two months.
The Group, in a statement, said it had notified authorities of a reorganization plan to meet Solvency II requirements. Aspis Group said the share capital increase would significantly strengthen the company’s capital base, to more than 165 million euros.
