The Steering Committee of the EU-U.S. Insurance Project hosted on 22 November at National Harbor, Maryland a Public Forum dedicated to the group supervision and transatlantic cooperation. Attended by over 250 insurance executives and professionals, the event provided an opportunity for exchange of views, suggestions and practices between (re)insurance companies and supervisory authorities from both sides of the Atlantic.
The main purpose of the Forum was to present the progress of the EU-U.S. Insurance Project on group supervision. The Project presented its vision of supervisory colleges as an effective tool for assessment of cross-border groups' risk profile. Project parties also discussed key elements and processes for the Own Risk and Solvency Assessment (ORSA) that are important to fulfil supervisory objectives.
More details can be found in two relevant reports that have been made publicly available: Overview of 2015 Activities Involving the Topic of Group Supervision and Key Elements of Regulations and Supervisory Practices in Respect of Group ORSA
Industry leaders spoke at the event about challenges their firms face when operating on a cross-border basis and made suggestions on how to make the regulation and supervision of cross-border groups more efficient and effective.
Gabriel Bernardino, Chairman of EIOPA, said: "This Forum has demonstrated once again that all the parties remain faithful to the objectives of the Insurance Project. I am sure that our common work will continue to deliver important elements to reinforce efficient and effective supervision of cross-border groups".
During the final session, the attendees learned about the current activities of the EU-U.S. Insurance Project. The Project parties outlined the milestones that have been achieved so far as well as the next steps. In his remarks, Michael McRaith, Director of FIO, said: "The EU-U.S. Insurance Project has fostered improved understanding and constructive collaboration between insurance supervisory authorities on both sides of the Atlantic." Director McRaith continued: "This multi-party engagement will continue, with much more work ahead to address both existing and emerging issues".
Note for Editors:
EU-U.S. Insurance 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 U.S. Department of the Treasury (FIO) agreed to participate in a deeper dialogue 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. The Federal Reserve Bank (FRB) has since joined the EU-U.S. Insurance Project.
The previous Public Events of the EU-U.S. Insurance Project took place in December 2013 in Washington DC and in October 2014 in Amsterdam.