European Insurance and Pensions Committee - EIOPC (Last update: )

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1 European Insurance and Pensions Committee - EIOPC (Last update: ) Overview Members Meetings History Overview Directive 2005/1/EC amending various financial services directives in order to establish a new organisational structure for financial services committees was finally adopted on 9 March The new Directive was published in Official Journal No L 79 on 24 March It extends the Lamfalussy committee structure to the banking, insurance and UCITS areas (undertakings for collective investment in transferable securities). The result of this new Directive in the insurance and occupational pensions sectors is the disappearance of the Insurance Committee and its replacement by the European Insurance and Occupational Pensions Committee (EIOPC). It will be remembered that the EIOPC was established by Commission Decision 2004/9/EC of 5 November It was stipulated however that that Decision would enter into force on the same day as the entry into force of any directive amending the purely advisory functions of the Insurance Committee. The new Directive has entered into force on the twentieth day following its publication in the Official Journal of the European Union namely the 13th April Read more on the new Financial Services Committee Architecture. Members Meetings Treatment of 3rd country MARKT/2503/07 MARKT/2504/07

2 reinsurers Discussion on policy options for the treatment of composites in Conclusions of the meeting on 6 July 2006 MARKT/2505/07 MARKT/2526/06 MARKT/2532/06 Solvency I annual examination of certain amounts laid down in the directives : possible amendments to the Framework for Consultation MARKT/2533/06 MARKT/2534/06 Annex CEIOPS Annex CEA The charging of fees by the host Member State for branch supervision MARKT/2539/06 Annex Motor insurance - Accession of Bulgaria and Romania to the EU Comitology Contractual obligations (Rome I) possible extension of scope to include insurance contracts Conclusions of the meeting on 5 April 2006 MARKT/2535/06 ESC/56/2006 MARKT/2538/06 MARKT/2516/06 MARKT/2517/06 Relationship between the Insurance MARKT/2518/06 Accounts Directive and Home-host responsibilities MARKT/2519/ Uninsured driving Conclusions of the meeting on 2 December 2005 MARKT/2520/06 MARKT/2521/06 MARKT/2503/06 MARKT/2504/06 Revision of Article 15 of Directive MARKT/2509/ /82/EC and the corresponding articles in the other insurance directives Supervisory arrangement: the next EBC/020/05 five years Motor insurance: uninsured driving MARKT/2508/06

3 + annex Publication of winding-up decisions MARKT/2506/06 and reorganisation measures in the Official Journal Note of the Italian delegation MARKT/2512/ Conclusions of the meeting on 29 June 2005 MARKT/2507/06 MARKT/2521/05 MARKT/2522/05 Revision of Article 15 of Directive 2002/82/EC and the corresponding articles in the other insurance directives issues Impact Assessment update Solvency I: Results of the annual review of the amount of the minimum guarantee fund (life and non-life) and the premium and claims indices (non-life) Sector enquiry on insurance - brief factual update by DG Competition Terrorism and natural catastrophe risks: Commission presentation of the work it is undertaking in this area and discussion MARKT/2526/05 MARKT/2525/05 + annex MARKT/2523/05 + annex MARKT/2533/05 MARKT/2528/05 MARKT/2529/ Conclusions of the meeting on 8 April 2005 issues Framework for consultation (draft revised version) Legislative approach EIOPC Rules of procedure MARKT/2511/05 MARKT/2512/05 MARKT/2514/05 + annex MARKT/2513/05 MARKT/2515/05 Compulsory insurance provisions in article 27 of the proposed directive on services in the internal market (UK - NL) Deeply subordinated debt MARKT/2516/05 MARKT/2517/05

4 December 2004 Draft agenda MARKT/2518/05 MARKT/2528/04 MARKT/2504/05 issues Roadmap Policy issues for - Possible amendments to the Framework for Consultation Third wave of calls for advice from CEIOPS Outline of the Framework directive MARKT/2502/05 + annex MARKT/2505/05 MARKT/2506/05 MARKT/2507/05 Amendment of the 1980 Rome MARKT/2508/05 Convention on the law applicable to contractual obligations MARKT/2509/ June 2004 Draft agenda Work Programme for the Insurance Committee in 2005, including proposed dates for the IC Meeting Cross-border mergers and acquisition Annex 1 Cross-border mergers and acquisitions in the banking sector: follow-up to Scheveningen informal ECOFIN Solvency 1 Annex to MARKT/2520/04 Accounting Annex to MARKT/2506/04 Progress Report to the EU MARKT/2512/04 MARKT/2517/04 MARKT/2526/04 MARKT/2522/04 MARKT/1072/04 MARKT/2520/04 MARKT/2524/04 MARKT/2519/04

5 Commission on CEIOPS work in the field of the project 26 November 2003 Draft agenda Accounting developments FSAP: Report of the Experts Group on Insurance and Pensions Insurance Guarantee Schemes: State of play and next steps EIORP 2005: Report MARKT/2542/03 MARKT/2505/04 MARKT/2507/04 MARKT/2508/04 MARKT/2509/04 MARKT/2510/04 Presentation: The EFRP model for pan- European pensions Presentation: EFRP a snapshot Link to revised Framework for Consultation and First wave of specific calls for advice as amended after IC meeting on : Road Map for the Development of Future Work- Proposed Framework for Consultation and Proposed first wave of Specific calls for advice from CEIOPS Framework for Consultation of CEIOPS and other Stakeholders on Specific calls for advice from CEIOPS (first wave) - List of Work Areas and Timing of Calls for Advice MARKT/2506/04 MARKT/2506/04 Annex 1 MARKT/2506/04 Annex 2 MARKT/2506/04 Schedule 1 MARKT/2511/ Extra IC MARKT/2503/ MARKT/2529/03 Rev.1

6 2 July 2003 New Committee architecture Post-FSAP follow-up MARKT/2521/03 MARKT/2533/03 MARKT/2532/03 Accounting developments MARKT/2531/03 Solvency 2 MARKT/2530/02 Enlargement update Members' papers: UK Discussion paper FR Discussion paper MARKT/2534/03 MARKT/2540/03 MARKT/2537/03 IC Work Programme 2004 Room documents on: Guarantee schemes MARKT/2535/03 Rev.1 EU-US regulatory dialogue April 2003 Fast-track Reinsurance Supervision project Progress report on implementation of EU legislation in Accession Countries Results of Review of Insurance Committee operation November 2002 MARKT/2538/03 MARKT/2512/03 MARKT/2511/03 MARKT/2513/03 MARKT/2519/03 MARKT/2520/03 MARKT/2502/03 MARKT/2508/03 MARKT/2537/02

7 Solvency 2: Orientation debate - MARKT/2503/03 Design of a future prudential supervisory system in the EU Towards a new committee MARKT/2505/03 architecture in the insurance sector (including reinsurance and occupational pensions) Insurance Guarantee Schemes - Orientation debate 16 April 2002 MARKT/2504/03 MARKT/2507/03 MARKT/2523/02 Rev.1 MARKT/2513/02 GATS and international developments - Progress report MARKT/2526/02 Implementation and enforcement of EU financial regulation - Application of Lamfalussy approach to insurance MARKT/2532/02 Work programme for the Insurance MARKT/2525/02

8 Committee in 2003 Rev.1 MARKT/2527/02 Room documents on: EU-US regulatory dialogue Rome Convention Reinsurance Accounting Guarantee schemes E-commerce November 2001 A "fast-track" approach for Reinsurance Supervision MARKT/2507/02 MARKT/2508/02 Annex Environmental liability MARKT/2509/02

9 Annex 1 Annex 2 Annex 3 FAQ MARKT/2511/02 Room documents on: Terrorism risk Accounting Insurance Guarantee Funds E-commerce EU-US Regulatory dialogue (+ annex) History Insurance Committee (IC) is a regulatory and legislative policy body that was created in December 1992 under the Council Directive 91/675/EEC specifically setting up the Committee. To simplify and improve the decision-making and implementation in the financial services sector, the European Commission has launched a package of seven measures: a proposal for a Directive (COM/2003/659) and six Commission Decisions. With this package the approach already used in the securities sector would be extended to insurance through the establishment of two new committees: 1. European Insurance and Occupational Pensions Committee (EIOPC with 2004/9/EC) would be set up to replace IC and to assist the Commission in adopting implementing measures for EU Directives; and 2. Committee of European Insurance and Pensions Supervisors (CEIOPS with 2004/6/EC) has been established to act as an independent advisory group on insurance and occupational pensions.