EIOPA - European Insurance and Occupational Pensio : EU-US Insurance Regulatory Dialogue Project invites public comment
09/28/2012| 02:28pm US/Eastern
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Press Release
Contact: Anzhelika
Mayer Phone: +49
(0) 69 95
11 19 6 8
press@eiopa.europa.eu
EU-US INSURANCE REGULATORY
DIALOGUE PROJECT
INVITES PUBLIC COMMENT
The parties are going
to hold two
public hearings and
a written consultation
on the draft
factual Report
prepared by the
Project's seven
technical committees
Frankfurt, 28 September
2012 - The
Steering Committee of
the EU-US Dialogue
Project invites public
comment on the
draft factual Report
based on the
results of the
Project's seven
technical committees.
The objective of the
Project, which builds
on more than
a decade of
EU-US regulatory
dialogue, is to
deepen insight into
the overall design,
function and
objectives of the
key aspects of
the insurance
supervisory regimes in
the European Union
and the United
States, and to
identify important
characteristics of
both regimes.
The Report addresses
the following seven
areas and identifies
key commonalities and
differences of the
two regimes:
1. Professional secrecy
and confidentiality;
2. Group supervision;
3. Solvency and
capital requirements;
4. Reinsurance and
collateral requirements;
5. Supervisory reporting,
data collection and
analysis and
disclosure;
6. Supervisory peer
reviews;
7. Independent third
party reviews and
supervisory on-site
inspections.
All interested parties
can contribute to
the consultation
process by
participating in the
two public hearings
that will take
place at 14.00
hrs EDT on
12 October 2012
in
Page 2 of 3
Washington DC at the
Grand Hyatt and
at 10.00 hrs
CET on 16
October 2012 in
Brussels at the Centre
de Conférences Albert
Borschette.
Requests to provide
oral statements during
the public hearings
should be sent
by 10
October 2012 to the
following email
addresses: tom.finnell@treasury.gov
(Washington
Hearing) and Manuela.Zweimueller@eiopa.europa.eu
(Brussels Hearing).
Registration to attend
the hearings
- whether
or not there
is an intent
to provide an
oral statement
- has to
be carried out
via the respective
email account and
webpage:
Washington Hearing:
useuprojecthearingdc@naic.org
Brussels Hearing (Please
note that the
registration will
start as of
the next week
only):
http://ec.europa.eu/internal_market/insurance/solvency/latest/index_en.htm
Written submissions by
all interested parties
are also welcome
and can be
sent to the
email address: EUUSProjectReport@eiopa.europa.eu
before 23.55 hrs
CET on 28
October 2012.
The EU-US Dialogue
Project started in
early 2012, when
the European
Commission (EC),
EIOPA, the US
National Association
of Insurance
Commissioners (NAIC)
and the Federal
Insurance Office of
the US Department
of the Treasury
(FIO) agreed to
participate in a
deeper dialogue
project (Project) to
contribute to an
increased mutual
understanding and
enhanced cooperation
between the EU
and the U.S.
to promote business
opportunity, consumer
protection and
effective supervision.
Seven Technical Committees
(TC) of the
Project were
established in order
to address the
above outlined
specific topics. Each
TC comprises
experienced professionals
from both the
European Union and
the United States,
specifically, from
FIO, the EC,
the NAIC and
EIOPA, as well
as representatives
from state insurance
regulatory agencies in
the US and
competent authorities
of EU Member
States.
The Steering Committee
of the Project
was established in
order to take
all key decisions
on the direction
of the Project
and to provide
clarity to the
technical
Page 3 of 3
committees. The Steering
Committee consists of
six members, comprised
of three US
and three EU
officials: Michael
McRaith, Director of
FIO; Kevin McCarty,
President of the
NAIC; Terri Vaughan,
CEO of the
NAIC; Karel Van
Hulle, EC Head
of Unit, Gabriel
Bernardino, Chairman
of EIOPA; and
Ed Forshaw, Manager
Prudential Policy
Division of the
FSA and Chair
of EIOPA's Equivalence
Committee.
Note for Editors:
The European Insurance
and Occupational
Pensions Authority
(EIOPA) was
established as a
result of the
reforms to the
structure of
supervision of the
financial sector in
the European Union.
The reform was
initiated by the
European Commission,
following the
recommendations of a
Committee of Wise
Men, chaired by
Mr. de Larosière,
and supported by
the European Council
and Parliament.
EIOPA is part of
the European System
of Financial
Supervision consisting
of three European
Supervisory Authorities,
the National
Supervisory Authorities
and the European
Systemic Risk Board.
It is an
independent advisory
body to the
European Commission,
the European
Parliament and the
Council of the
European Union.
EIOPA's core responsibilities
are to support
the stability of
the financial system,
transparency of
markets and financial
products as well
as the protection
of insurance
policyholders, pension
scheme members and
beneficiaries.
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