General Insurance Article - EIOPA says EU-US Insurance Project "on the right track"

 The Steering Committee of the EU-US Insurance Project hosted on 25th October in Amsterdam. A Forum dedicated to the evolution of group supervision. Attended by insurance professionals from around the world, the event provided an opportunity for exchange of views, suggestions and practices between insurance companies and supervisory authorities from both sides of the Atlantic.

 The main purpose of the Forum was to highlight the initiatives of the EU-US Insurance Project on group supervision and the use of Own Risk and Solvency Assessment(ORSA). The Project parties expanded on their intention to develop a clear designation of responsibilities for group and solo supervisors within colleges. They are also going to formulate common high-level principles for transatlantic colleges. Furthermore, the Project plans to elaborate on common ORSA reporting elements for both EU and US, which would limit insurers duplicating of work on ORSA.

 Gabriel Bernardino, chairman of EIOPA, comments: “During this Forum, we demonstrated that from the level of mutual understanding in general we are making steps towards more concrete deliverables. I am happy to see this move. We have to think and act in line with the increasingly global environment we are living in. With the EU-US Insurance Project we are on the right track”.

 During the final session, the attendees learned about achievements and current activities of the EU-US Insurance Project. The Project parties explained the updates that were recently made in the Project’s Way Forward document outlining the milestones to be achieved in the next years.