CEIOPS

10.00 Leave for Heathrow. The plane is again on time and I get to Parliament by 3.00pm. I check on documents for the session that I am chairing tomorrow, I dash over to my flat to dump my suitcase, then go to the ECON Committee.

17.00 We have the annual presentation from the chair of CEIOPS (Insurance supervisors) which is now Thomas Steffen. He says that 70% of the capacity of CEIOPS is taken up with issues relating to Solvency ll. He points out that the notion of Group supervision actually comes from current practice rather than Solvency ll. He says they are discussing how to take on board the point in the Equitable Life enquiry and also how to better utilise the ombudsman financial network, Fin Net. He sees consumer protection as a major objective.

I am not sure that this is exactly the same as the Commission view in that they have not put compensation into Solvency ll. It seems to me that even if compensation is not put in, so as not to overburden the directive, some kind of indication that it is being addressed through separate measures will be called for. In the discussion that follows it also seems that the impact studies are extending into the future and several MEPs observe that if the directive is to be completed in this mandate they can not recede off any further.

19.15 Committee ends at 7pm and after a few more bits of paperwork Carol and I head off to the dinner with CEIOPS that they have invited the Solvency ll rapporteurs to. There are several of the supervisors there and it is quite an interesting discussion.