CEIOPS has today issued a press release on the turmoil and current equity developments and their impact on European Insurance Companies and Pension Funds.
The direct link to the press release
The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) was established pursuant to the European Commission Decision 2004/6/EC of 5 November 2003.
CEIOPS is composed of high level representatives from the insurance and occupational pensions supervisory authorities of the European Union Member States. The authorities of the Member States of the European Economic Area (Norway, Iceland and Liechtenstein) and the European Commission participate in CEIOPS' activities as observers.
CEIOPS performs the functions of the Level 3 Committee for the insurance and occupational pensions sectors, following the extension to those sectors of the "Lamfalussy Process", as also applied by CEBS and CESR, respectively, in the banking and capital markets sectors. This role involves providing advice to the European Commission on the drafting of implementation measures for framework directives and regulations on insurance and occupational pensions ("Level 2 activities"), and establishing supervisory standards, recommendations and guidelines to enhance convergent and effective application of the regulations and to facilitate cooperation between national supervisors ("Level 3 activities"). The role also involves the participation of CEIOPS in the work of different European institutions with responsibilities for issues relating to insurance and occupational pensions, in particular the Economic and Financial Committee (EFC) and the Financial Services Committee
