To fulfill its tasks, CEIOPS created working groups within the function of its Work Programme. At the moment the operational structure comprises 8 working groups, 4 of which deal with Solvency II issues. While Expert Groups are in charge of carrying out tasks under a specific mandate and are intended to be disbanded once its tasks are accomplished, the Permanent Committees work on areas identified by terms of reference. The Insurance Groups Supervision Committee carries out permanent tasks as well as short-term tasks under the Solvency II project.

• Solvency II - Financial Requirements Expert Group
• Solvency II - Internal Governance, Review and Reporting Expert Group
• Solvency II - Internal Models Expert Group
• Solvency II - Insurance Groups Supervision Committee

 

The other Working Groups are:

• Committee on Consumer Protection
• Occupational Pensions Committee
  • OPC Solvency Sub-Committee
    
• Financial Stability Committee 
• Convergence Committee
  • Equivalence Sub-Committee
    

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- Solvency II

With regard to its "Level 2" tasks, consisting of giving advice to the European Commission, in particular on the technical implementing measures of framework directives and regulations, CEIOPS is deeply engaged in the development of the Solvency II Project, an all-embracing project aimed at fundamentally reviewing the prudential regime applicable to insurance undertakings. CEIOPS has to provide the European Commission with a series of reports containing advice covering all the aspects of prudential supervision:

• Financial requirements (Pillar I);
• Aspects pertaining to an undertaking´s management and to the supervisory review process (Pillar II) and
• Supervisory reporting and disclosure requirements for enhancing market discipline (Pillar III).


This is to be carried out paying due attention to cross sectoral implications and group issues. CEIOPS has established the four above-mentioned working groups to deal with these aspects under a precise mandate and in the framework of a coordination arrangement. Some of these working groups, however, have also tasks outside the Solvency II project, due to practical deliberations:

The working group dealing with Internal Governance, Supervisory Reporting and Reporting monitors accounting issues affecting insurance, analysing, in particular, the developments of IFRS (International Financial Reporting Standards) and their implications for supervision.

The Insurance Groups Supervision Committee, that was already established by CEIOPS’ predecessor, the former Conference of European Insurance Supervisory Authorities, carries out work on issues raised by the application of supplementary supervision of insurance groups under the Insurance Groups Directive (IGD). In particular, the Committee works on applying the coordination arrangements defined by the protocol concluded for the supervision of cross-border groups. This area of work could be subject to further important developments because of the need to apply similar supervisory arrangements and address similar issues in the field of financial conglomerates. Currently, the working group is also working on group-related issues under Solvency II.


After providing advice mainly in respect of the preparation of the European Commission's proposal for a "Framework Directive on Solvency II" ("Level 1 measures " under the Lamfalussy model), CEIOPS is currently working on the preparation of implementing measures ("Level 2 measures") and supervisory measures ("Level 3 measures ").

- Committee on Consumer Protection

In March 2008, CEIOPS created a new working group in view of the increasing importance of consumer protection in the financial services. As stated in the Terms of Reference, this Committee on Consumer Protection (CCP) will aim at improving information requirements and financial education. It will also continue the work done by CEIOPS Intermediaries' Expert Group on market conduct and the one started by the CEIOPS Task Force Revision of the Siena Protocol on the out-of-court handling of consumer complaints. A more recent initiative is the area of insurance intermediaries.

- Occupational Pensions

In the field of occupational pensions, a Permanent Committee is working on facilitating consistent understanding and implementation of the recent Directive on the activities and supervision of institutions for occupational retirement provision (IORP Directive), and on creating the cooperation framework needed for its effective enforcement. In the light of the economic importance of occupational pension funds, and their potential influence on financial stability, occupational pensions supervision will require increased attention by supervisors and may call for further developments in the applicable solvency regimes and in supervisory practices.

- Financial Stability

CEIOPS is also engaged in reviewing the macro-economic situation of the insurance and occupational pensions markets. A Permanent Committee has been charged with establishing a macro-prudential surveillance programme to monitor the interplay between the insurance and pension markets and financial stability. The Committee also deals with regular reporting of the macro-economic situation of the insurance and occupational pensions sectors as well as the reinsurance sector, and carries out analysis of particular market developments, while keeping in close contact with the working groups in the other financial sectors dealing with financial stability. The Committee is also taken care of the organisation of the Quantitative Impact Studies (QIS) in the context of the Solvency II project.



CEIOPS is also engaged in reviewing the macro-economic situation of the insurance and occupational pensions markets. A Permanent Committee has been charged with establishing a macro-prudential surveillance programme to monitor the interplay between the insurance and pension markets and financial stability. The Committee also deals with regular reporting of the macro-economic situation of the insurance and occupational pensions sectors as well as the reinsurance sector, and carries out analysis of particular market developments, while keeping in close contact with the working groups in the other financial sectors dealing with financial stability. The Committee is also taken care of the organisation of the (QIS) in the context of the Solvency II project.

 

Organisation

The following chart describes the organisation of CEIOPS, as founded in the Articles of Association and as derived from the current Work Programme: