The Solvency II project engages a significant number of participants. Its legislative institutions are the European Commission and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). In addition to the legislative bodies, there are also sector institutions involved in the project: CEA, AISAM/ACME, ICISA, CFO Forum, CRO Forum and Groupe Consultatif. The characteristics of individual institutions and the scope of their activities can be found below.
EUROPEAN COMMISSION (European Commission, EC) – prepares a draft European law on the basis of consultation with CEIOPS. The European Commission publishes the Solvency II Framework Directive, which has to be approved by the European Parliament and the European Council. The European Commission will also ensure the implementation of the Directive in Member States. European Commission website: http://ec.europa.eu/index_en.htm The European Commission published the preliminary versions of the Solvency II Expert Group documents on the level 2 implementing measures for specific areas the Directive’s text. Requests for comments were also sent to the Member States.
Here you can find the draft of the Solvency II Framework Directive published by the European Commission in July 2007.
Here you can find a report on amendments to the Directive’s draft:
CEIOPS (Committee of European Insurance and Occupational Pensions Supervisors – compiles the detailed analyses under the requests formulated by the European Commission. CEIOPS, in the process of developing its response, consults with the insurance industry through the consultancy studies and public debates. CEIOPS, in preparation for Solvency II, run a number of quantitative impact studies (QIS) to examine the impact of the proposals at the company and sector level.
CEIOPS official website: https://www.ceiops.eu/
European insurance and reinsurance branch is involved in the Solvency II project through a number of representative organizations at the EU level. Those are:
- CEA (Comité Européen des Assurances – European insurance and reinsurance federation) – representing the European insurance and reinsurance sector through the national insurance associations in each of the European EU Member States and 8 other countries. More information about the activities of this institution can be found here.
CEA official website: http://www.cea.eu/
- AISAM (Association Internationale des Sociétés d’Assurances Mutuelle – International Association of Mutual Insurers) / ACME (Association of European Cooperative and Mutual Insurers) – a global-based association of mutual insurance companies and insurance cooperatives representatives.
AISAM official website: http://www.aisam.org/
- ICISA (International Credit Insurance & Surety Association) – representative of the European credit insurers.
ICISA official website: http://www.icisa.org/
- CRO Forum (Chief Risk Officers Forum. Most companies are also represented in the CFO Forum) – represents 14 large insurance groups, focused on risk management. More information about the activities of this institution can be found here.
CRO Forum official website: http://www.croforum.org/
- CFO Forum (Chief Financial Officers Forum) – representing 20 large European insurance groups, focused on financial reporting. More information about the activities of this institution can be found here.
CFO Forum official website: http://www.cfoforum.nl/
- Groupe Consultatif (Groupe Consultatif Actuariel Européen – European Actuarial Consultative Group) – the professional association of actuaries in Europe.
Groupe Consultatif official website: http://www.gcactuaries.org/
More details about the institutions affected by the Solvency II draft and their role can be found in the document attached.