As part of an ongoing programme of enhancing convergence and fostering supervisory co-operation among supervisors of cross-border insurance groups, CEIOPS has unveiled the 2007 plan of activities for its Insurance Groups Supervision Committee (IGSC).
Over the next twelve months, the IGSC will seek to develop a risk assessment system for groups. The framework model agreed by the CEIOPS' members in December 2006 proposed a risk assessment system for groups building on the principles of the IAIS. The IGSC will seek to develop an agreed framework for developing such a system in 2007.
Furthermore, with a view to increasing convergence in supervisory practices, the IGSC will examine supervisory requirements and practices in the reporting of intra-group transactions with the aim of developing an agreed framework for reporting.
Following on the request of the Financial Services Committee, the IGSC will draft proposed additions to the current banking MoU on crisis management to provide for the inclusion of insurance supervisors. The IGSC will continue to seek to develop a framework/guidance for co-operation in crisis situations of insurance groups and, in particular, in relation to exchange of information.