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BRUSSELS, Belgium European insurers said draft advice published by the Committee of European Insurance and Occupational Pensions on the Solvency II framework is particularly welcome as the industry rushes to complete preparations for a European Union directive.
Solvency II will introduce a risk-based capital regime for European insurers and reinsurers.
In a statement following the hearing held by CEIOPS, the Comite Europeen des Assurances said the industry "strongly supports CEIOPS's decision to use market consistent techniques and the cost-of-capital approach for the valuation of technical provisions, as they are key elements of a true risk-based economic approach to Solvency II."
However, the CEA disagreed with some CEIOPS proposals. For example, "using artificial limits on assets (as proposed by CEIOPS) is not compatible with a risk-based economic approach as favored by the industry. CEA believes risks should be sufficiently captured by the design of the quantitative requirements on the measurement of the assets, liabilities and capital (pillar I) and the supervisory review process (pillar II)," it said.
The CEA said it plans to submit written responses to CEIOP's consultation papers soon.