Newsletter April 09: Crisis shows Solvency II dangers of non-EU units

BRUSSELS - The global financial crisis shows that Europe needs to clarify the supervisory treatment of holding companies under the Solvency II insurance regime, as well as the treatment of non-European Union parts of a group, according to a report by Europe’s insurance supervisors. “The existing uncertainty may endanger appropriate supervision,” says the report on the lessons of the crisis by the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). CEIOPS is the so-called Level 3 committee of top insurance supervisors from the European Union’s 27 member-states that advises the European Commission, the EU’s executive arm, on insurance regulation issues.