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15th February 2012

EIOPA issues 2012 Action Plan for Colleges of Supervisors

The European Insurance and Occupational Pensions Authority (EIOPA) has published its Action Plan 2012 for Colleges of Supervisors. The two key targets of the Action Plan 2012 are preparation for the implementation of Solvency II and exchange of information within colleges.
The document foresees that colleges of supervisors will establish a work plan related to the activities of the college for an insurance group’s internal model application. The colleges will also summarize the tasks that should be performed in relation to group supervision under Solvency II.
The Action Plan 2012 envisages that supervisors start implementing EIOPA’s guidelines on a regular exchange of quantitative and qualitative information within colleges. They are also expected to set up a coordination arrangement for their supervisory activities.
According to the document, colleges of supervisors should set up an emergency plan of information exchange and crisis management in case of financial turbulence that a group or a solo undertaking might face.
EIOPA also made publicly available the Report on the functioning of colleges in 2011. The document inter alia states that despite the lack of the final legal basis for the implementation of Solvency II, colleges are making great efforts to prepare for the new regulatory regime.