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Carlos Costa Pina Secretary of State for Treasury and Finance,

[MFAP]. HIGH LEVEL PERSPECTIVE ASSESSING CEIOPS’ PROGRESS SO FAR AND IDENTIFYING FUTURE CHALLENGES IN CONJUNCTION WITH THE ASSESSMENT OF THE LAMFALUSSY MODEL. Carlos Costa Pina Secretary of State for Treasury and Finance, Portugal CEIOPS Conference 2007 Frankfurt am Main, 20 November 2007.

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Carlos Costa Pina Secretary of State for Treasury and Finance,

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  1. [MFAP] HIGH LEVEL PERSPECTIVE ASSESSING CEIOPS’ PROGRESS SO FARAND IDENTIFYING FUTURE CHALLENGES IN CONJUNCTION WITHTHE ASSESSMENT OF THE LAMFALUSSY MODEL Carlos Costa Pina Secretary of State for Treasury and Finance, PortugalCEIOPS Conference 2007Frankfurt am Main, 20 November 2007

  2. [MFAP] HIGH LEVEL PERSPECTIVE. ASSESSING CEIOPS’ PROGRESS SO FAR AND IDENTIFYING FUTURE CHALLENGES IN CONJUNCTION WITH THE ASSESSMENT OF THE LAMFALUSSY MODEL OVERVIEW • Success and review of the Lamfalussy model • Solvency II and Lamfalussy Levels 1 and 2 • CEIOPS and Level 3 Convergence • Level 3 Committees’ Cooperation • Perspectives on the Lamfalussy review

  3. [MFAP] 1. SUCCESS AND REVIEW OF THE LAMFALUSSY MODEL • CEIOPS and the Lamfalussy model • Unprecedented network of cooperation and exchange of information • Common regulatory and supervisory goals • Essential contribution to EU law-making • Technical advice and convergence

  4. [MFAP] 1. SUCCESS AND REVIEW OF THE LAMFALUSSY MODEL • The 2007 Lamfalussy review • Assess the progress and identify the challenges • Enhance the Lamfalussy framework • Inter-Institutional Monitoring Group • Portuguese Presidency of the EU

  5. [MFAP] 2. SOLVENCY II AND LAMFALUSSY LEVELS 1 AND 2 • Solvency II • An opportunity for the Lamfalussy review • Stage of reform in insurance and reinsurance law • 1st prudential Directive under the Lamfalussy framework • Specific challenges for CEIOPS

  6. [MFAP] 2. SOLVENCY II AND LAMFALUSSY LEVELS 1 AND 2 • Lamfalussy Levels 1 and 2 • Principles based approach • Regulatory self restraint • Separation of Level 1 and Level 2 • Parallel work on draft L1 Directive and sketched L2 legislation

  7. [MFAP] 3. CEIOPS AND LEVEL 3 CONVERGENCE • CEIOPS’ technical advice • Ex ante support to L1 and L2 legislation • Ex post development of L3 standards, guidelines and recommendations

  8. [MFAP] 3. CEIOPS AND LEVEL 3 CONVERGENCE • Cooperation protocols • Exchange of information on EU law interpretation and supervisory practices • Working relationship between supervisors • Foster convergence

  9. [MFAP] 4. LEVEL 3 COMMITTEES’ COOPERATION • 3L3 Cooperation • Cross-sector issues • Cross-sector consistency • 3L3 joint work

  10. [MFAP] 5. PERSPECTIVES ON THE LAMFALUSSY REVIEW • Perspectives • Lamfalussy: Achievement & Challenge • Implement L1 and L2 proposals • Enhance L3 activities • Cooperation with CESR and CEBS

  11. [MFAP] 5. PERSPECTIVES ON THE LAMFALUSSY REVIEW • Perspectives • It’s all about better regulation • Public consultation • Impact assessment • Consolidation

  12. [MFAP] HIGH LEVEL PERSPECTIVE. ASSESSING CEIOPS’ PROGRESS SO FAR AND IDENTIFYING FUTURE CHALLENGES IN CONJUNCTION WITH THE ASSESSMENT OF THE LAMFALUSSY MODEL Thank you for your attention.

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