Solvency II

ECIROA aims to find simplifications suitable for the nature of captives under Pillar I, II and III as previously set forth in a « Position Paper on Treatment of Captives in Solvency II ». Captives usually have a simple risk structure compared to a commercial (re)insurance undertaking. The association therefore believes that supervisors should develop a different and more appropriate supervisory approach to captives taking into consideration their nature, size and purpose. An  informal group of the prospective founders and members developed the paper mentioned above and distributed it to different EU bodies, CEIOPS as well as to the insurance supervisors in Ireland, Luxembourg, Sweden and Germany.  The next step to be taken during August-September 2008 is to present the fundamental ideas behind this position paper to the various regulators, CEIOPS and EU bodies.