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10th of September 2010

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US ruled out of initial Solvency II equivalence assessment

Gavin Bradshaw 21/07/2010

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has said that the US will not be among the first set of countries to be assessed for regulatory equivalence with Solvency II.
 
In the draft recommendations on equivalence assessments in its Consultation Paper no. 81 (CP81) CEIOPS said the difficulty presented by the US state-based system of insurance regulation made inclusion in the initial wave of assessments problematic.
 
CEIOPS said that while the National Association of Insurance Commissioners (NAIC) acts as the forum for co-ordinating US supervisory policy development, the NAIC “is not a supervisory authority in its own right, and an assessment of equivalence under the Financial Conglomerates Directive in 2008 foundered on the fact that the NAIC was not a ‘competent authority’ as understood in the relevant EU directives”.
 
The Committee added that for equivalence to be determined for the US as a whole, “CEIOPS members would need to explore the possibility of a joint agreement with the US state supervisory authorities collectively”
 
CEIOPS also said there were further complications in assessing the US with respect to the question of the exchange of information under conditions of professional secrecy. “CEIOPS members are restricted from exchanging information with the NAIC since it is not a competent authority for insurance supervisory persons,” it said.

In addition, CEIOPS said it was currently unclear “whether the creation of a new federal office dealing with insurance would facilitate an agreement covering the exchange of information”.

 
CEIOPS recommended that both Bermuda and Switzerland should be among the first group of countries assessed, as well as Japan, which would get a partial assessment.

Tags: CEIOPS, NAIC, Regulatory equivalence, Solvency II

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