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Committee of European Insurance and Occupational Pensions Supervisors: Preparedness of insurance supervisors to implement Solvency II – CEIOPS publishes results of its stock taking exercise

( July 8, 2010, 10:40 GMT | Official Statement) -- MLex Summary: European Union insurance regulators will add 20 percent to their staffs to handle enforcement of Solvency II capital requirements by the time the law takes effect in December 2012, the Committee of European Insurance and Occupational Pensions Supervisors said in a report on their preparedness. While authorities already have made strikes in their organisations and methods, Ceiops said in the report, "the preparation of the Solvency II implementation has still a long way to go, and will still require considerable efforts and resources."The Report on the preparedness of supervisors to implement Solvency II presents the results of a detailed and extensive stock taking exercise undertaken by CEIOPS in the first half of 2010. The aim of this exercise was to provide CEIOPS and its Members a clear and comprehensive overview of current levels of supervisory preparedness for Solvency II. CEIOPS also sought to identify areas where action is still needed in order to ensure the proper level of convergence of supervisory practices in the new solvency framework....

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