EIOPA publishes its Action Plan 2012 for Colleges of Supervisors

The European Insurance and Occupational Pensions Authority (EIOPA)
published today 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.

To access the Action Plan 2012 for Colleges of Supervisors click here
(Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/CollegesActionPlan2012.pdf
).

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.

Click here (Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/2012-02-02_Report_on_functioning_2011.pdf
) to see the text of the Report.

The above-mentioned documents as well as the updated list of participants
in the colleges can be viewed in a newly created section "Colleges of
Supervisors (Link:
https://eiopa.europa.eu/activities/insurance/colleges-of-supervisors/index.html
)" on EIOPA's website.

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