The European Insurance and Occupational Pensions Authority (EIOPA) published today the Year-end report 2015 on Functioning of Colleges of supervisors and Accomplishments of Action Plan.
The number of colleges for the supervision of cross-border insurance groups with a head office in the European Economic Area (EEA) has continued to grow and has risen from 92 in 2014 to 100 by end-2015.
EIOPA has a leading role in ensuring the consistent and coherent functioning of colleges of supervisors. Through its membership in the colleges EIOPA sets the yearly targets, organises group supervisors' and other training days related to group supervision, and collects and shares practical examples and solutions in colleges.
Based on its task to continuously monitor and assess achievements of the colleges (Article 259 of the Solvency II Directive), EIOPA observes the progress in the following areas:
- In 2015, coordination arrangements for 91 colleges were agreed and signed by supervisors from the EEA member states.
- In 10 cases colleges assessed and approved the application of an internal model for the calculation of group and solo Solvency Capital Requirements as per the Solvency II Directive.
- In the majority of the colleges, discussions took place on how the Solvency II preparatory guidelines were implemented by the insurance groups and which gaps still needed to be closed. However, in not all cases was the feedback about these discussions agreed or provided to the groups. Improving the transparency of the college work towards the groups is one of the priorities of EIOPA's Action Plan 2016 for colleges.
The Year-end report 2015 on Functioning of Colleges of supervisors and Accomplishments of Action Plan can be viewed here.