Regular Reporting of the Expert Group on Insurance Intermediaries

Transcription

1 Regular Reporting of the Expert Group on Insurance Intermediaries Mandate: The tasks of the Expert Group are: 20 February 2007 to deepen the common understanding amongst the competent authorities of the IMD's provisions to facilitate further convergence in the effective directive by sharing experience in applying the directive, and by identifying and disseminating developing best practice if necessary, to prepare advice and recommendations to the Commission on supervisory issues arising out of the directive or the improvement of its provisions to facilitate the co-operation, co-ordination and exchange of information between competent authorities on the supervision of insurance intermediaries. Work Plan (public): Tasks: (brief description of the main tasks to be dealt with by the group) Implementation of IM Directive Preparing an inventory of the key provisions of the IMD, and provide a status report Schedule/Deadline: (Final and/or interim deadline foreseen for the accomplishment of each task) Last semester 2006 Producing a report on the directive and providing advice on developing best practice Reporting on any issues arising from the directive, or from experience of supervising intermediaries under the directive's provisions, on which advice and recommendations to the Commission might be considered First semester of 2007 (Members Meeting in March 2007) Ongoing task Cross-border business of insurance intermediaries Signature of Joinder Agreements to the Luxemburg Protocol, approved at the Members Meeting of 26 April 2006, by the identified Competent Authorities, non-ceiops Members and Observers. Ongoing task. July 2006: Signature of the Joinder Agreement by the Netherlands Authority for the Financial Markets (Autoriteit Nederlandse Markten AFM) 1

2 Past Meetings (public): Date: Location: Main topics discussed: 26 April 06 Frankfurt Revised draft Insurance Mediation Protocol (CEIOPS-CP-05/05 Rev.1) 29 June 06 Frankfurt Presentation of a new mandate for approval by the CEIOPS Members. (CEIOPS-SEC-44/06) Conclusions: The Insurance Mediation Protocol ( Luxemburg Protocol ), including the agreed amendments to paragraphs , , rd bullet point and Annexes II-A and I-A was approved at the Members Meeting on 26 April It was also agreed that after IMD by those countries which had not yet done so CEIOPS would review the Protocol, and in particular the list of the competent authorities, in case of any need for amendment arising from national legislations. CEIOPS Members Meeting endorsed the new mandate of IMEG. 19 July 06 Frankfurt Setting of priorities for the Work plan 2006/2007 according to the new assigned tasks (new mandate) IMEG agreed on the work plan and set up the meeting dates accordingly. The Chair, together with the CEIOPS Secretariat and the EC proposed to prepare a first draft questionnaire regarding the IMD s key provisions, and the framework of the status report State of the Directive 2002/92/EC (IMD) Issues arising from the IMD Six MSTS still have to implement the IMD. Four of them will adopt/publish their national law in the following months. It was agreed to investigate the possibility to set up a data basis mentioning different national regulations. 2

3 29 September 2006 Frankfurt Finalising the draft questionnaire in order to present a draft report at the IMEG Meeting in December Discussion on different issues arising from the directive, or from experience of supervising intermediaries under the directive's provisions, on which advice and recommendations to the Commission might be considered IMEG discussed briefly the draft questionnaire and the numerous suggestions from the members. It was finally agreed on the following work plan regarding the questionnaire and draft report: Mid October Final questionnaire sent to IMEG Mid November Deadline for sending answers to CEIOPS Secretariat Mid December Discussion on a first draft report March 2007 Approval of final report by CEIOPS Members Meeting Presentation held by BIPAR s representatives on BIPAR s organization and aims, as well as on issues concerning the implementation of the IMD IMEG welcomed this kind of initiative. The presentation allowed the participants to exchange information on issues with regard to the 3

4 20 December 2006 Frankfurt Definition of crossborder provision of services under the IMD (further referred as FOS ) At the last EIOPC meeting of November 2006 the EC presented a proposal for defining FOS under the IMD. The EIOPC requested the expertise of the CEIOPS IMEG. The EC proposal was discussed by the IMEG and approaches taken in other directives were compared. Following the discussion, the IMEG members agreed to send a response to the EIOPC, which will include a further analysis of different proposals with their dis- and advantages. In this view, the IMEG members will send the CEIOPS Secretariat their written position on different possible proposals, including illustrative examples. BIPAR s proposal to provide support regarding this issue was welcomed by the IMEG members. They agreed to invite BIPAR regarding this issue in due time. Discussion of the draft report on the implementation of IMD After a short presentation of the draft report, the IMEG considered some specific parts of the document. In order to submit the final report for approval at CEIOPS Members Meeting in March 2007, the IMEG members will send their comments and inputs as soon as possible. During the discussion, several issues were raised which could be included in a future report on suggestions for amendments of the IMD. Discussion on any issues arising from the directive, or from experience of supervising intermediaries under the directive's provisions, on which advice and recommendations to the Commission might be considered Planning of next 2007 meetings Four meeting dates and main issues of their respective agendas (see further below) were set for

5 20 February 2007 Frankfurt Finalising of the draft report on the implementation of IMD s key issues In order to present for approval the report on the IMD s key issues at the next CEIOPS Members Meeting of 12 March 2007, the IMEG finalised the drafting of the report and its five annexes. In this light, some IMEG members will provide the Secretariat their last comments and inputs latest by Thursday 22 February Definition of crossborder provision of services under the IMD (further referred as FOS ) In view of preparing CEIOPS response to EIOPC regarding the definition of cross border services (FOS) under the IMD, the Secretariat prepared a draft note. It includes the different proposals made by IMEG members reflecting pro and contra arguments and illustrated by examples. After a short presentation of the draft note, the IMEG discussed the seven proposals and analysed the different arguments. The Members agreed to concentrate the proposals into three main definitions. The Members will inform the Chair and the Secretariat about their principle position on those definitions as soon as possible. They were invited to take the BIPAR s paper, received 19 February, into consideration. The Chair and the Secretariat will prepare an elaborated proposal on the basis of these positions for further discussion in the next Meeting. Discussion on different issues arising from the directive, or from experience of supervising intermediaries under the directive's provisions, on which advice and recommendations to the Commission might be considered 5

6 Suggestion for possible amendments of the IMD and or the Luxembourg Protocol The mapping report on the key issues of the IMD and the regular discussions on topics arising from the IMD indicated that there is a need for clarification on some terminology used in the IMD. In addition, some IMD requirements seem to lead to im day-to-day supervision. The Secretariat prepared a draft paper which comprises proposals submitted by several IMEG and issues tackled in former IMEG meetings. The IMEG agreed to send the Chair and the Secretariat their comments and contributions (including indicative proof) in order to complete the paper for an in-depth discussion at the next meeting. Future Meetings: Date: Location: Main items on the agenda: 23 May 2007 Frankfurt 1. Finalising of a draft note regarding the definition of FOS 2. Discussion of the draft paper on possible amendments of the IMD 3. Discussion on any issues arising from the directive, or from experience of supervising intermediaries under the directive's provisions, on which advice and recommendations to the Commission might be considered 04 July 2007 Frankfurt 1. Finalising of the draft paper on the possible amendments of the IMD 2. Discussion on any issues arising from the directive, or from experience of supervising intermediaries under the directive's provisions, on which advice and recommendations to the Commission might be considered 26 Sept 2007 Frankfurt Discussion on any issues arising from the directive, or from experience of supervising intermediaries under the directive's provisions, on which advice and recommendations to the Commission might be considered 6