Mandate :    - Resolution concerning the mandate of the Insurance and Private Pensions Committee adopted by the Council at its 1402nd session on 14 November 2019 [C(2019)127, Annex and C/M(2019)15, item 206]

 

 

 

Resolution of the Council [C(2019)127, Annex and C/M(2019)15, item 206]

DRAFT RESOLUTION OF THE COUNCIL RENEWING AND REVISING THE MANDATE OF THE INSURANCE AND PRIVATE PENSIONS COMMITTEE

“THE COUNCIL,

HAVING REGARD to the Convention on the Organisation for Economic Co-operation and Development of 14 December 1960;

HAVING REGARD to the Rules of Procedure of the Organisation;

HAVING REGARD to the Resolution of the Council on Partnerships in OECD Bodies [C(2012)100/FINAL];

HAVING REGARD to paragraph 20 of the Report of the Preparatory Committee on the creation of an Insurance Committee, the Resolution of the Council on the Terms of reference of the Insurance Committee [C(85)98(Final)], renamed Insurance and Private Pension Committee in 2005 [C(2005)27/REV1], whose mandate was last revised in 2007 [C(2007)86/REV1 and C/M(2007)12, Item 160)] and extended in 2013 until 31 December 2014 [C(2012)104 and CORR1 and C(2013)85, Annex IV];

HAVING REGARD to the recommendations of the In-depth Evaluation of the Insurance and Private Pensions Committee [C(2014)15 and its CORR1 & CORR2, C/M(2014)2, Item 17];

HAVING REGARD to the proposed revision of the mandate of the Insurance and Private Pensions Committee [C(2019)127];

DECIDES:

A.   The Insurance and Private Pensions Committee (hereafter the “Committee”) is renewed with the following revised mandate:

I. Objectives

1.   The overarching objective of the Committee is to promote fair, efficient, open and sound market-oriented insurance and private pensions systems, based on high levels of transparency, confidence, and integrity, and respecting recognised social objectives of these systems.

2.   The mid-level objectives of the Committee are the following:

a)   enhance the long-term efficiency, resilience, stability and inclusiveness of insurance markets and private pensions systems, taking into account the role that technology and innovation can play;

b)   support the contribution of insurers and private pensions to well-diversified financing of long-term investment and inclusive growth through prudent investment strategies;

c)   promote risk awareness, financial education and adequate consumer protection in insurance and private pensions;

d)   strengthen the capacity of private pensions systems to ensure adequate retirement income within overall pensions systems and address the challenges of ageing, including identifying best practices in funded pension arrangements;

e)   strengthen the capacity of individuals, businesses, and governments to address financial and other risks, including disaster risks, through enhanced and robust insurance and private pension systems, and the links of those risks with the recognised social and sustainability objectives of these systems.

II. Working methods

3.   In order to achieve these objectives, the Committee shall:

a)   enhance surveillance of insurance and private pensions markets developments and of their impact on economic growth and development;

b)   focus its work on delivering outputs of high quality and with high policy impacts and shall regularly assess whether these targets are being met. It shall strive to achieve these targets through policy dialogue, the collection of information and statistics, the development of policy analysis, and the elaboration of policy options and of good practices, guidelines and principles for adequate policies and regulations, and mechanisms to foster their appropriate implementation,

c)   monitor and co-ordinate work undertaken by the Organisation in the insurance and private pensions fields and, as appropriate, submit opinions, recommendations and proposals to the Council or to other committees.

4.   The Committee shall consider revisions to the mandate whenever appropriate, for instance following major policy developments in insurance and private pensions markets.

III.   Co-ordination arrangements

5.    In carrying out its work, the Committee shall:

a)   co-operate with relevant OECD bodies, and especially the Committee on Financial Markets and the Employment, Labour and Social Affairs Committee through its Working Party on Social Policy. It will also co-operate as necessary with the Investment Committee on work related to the insurance and pension provisions of the OECD Codes of Liberalisation.

b)   keep itself informed of the activities carried out in other international entities and fora in respect of insurance and private pensions and co-ordinate work and avoid duplication with them, especially the International Organisation of Pension Supervisors (IOPS) and the International Association of Insurance Supervisors (IAIS), with OECD contributions provided as relevant and appropriate, and shall provide a forum for consultations among Members to enable them to exchange views on issues raised in these entities and fora.

c)   co-operate closely with the major stakeholders in the insurance and private pensions field, including in particular industry and - whenever feasible - consumers.

d)   to the extent permitted by its resources, promote policy dialogue and co-operation with non-Members, encourage the implementation of OECD principles and best practices in non-Members, and provide related assistance. The work related to non-Members will be fully integrated into the programme of work of the Committee.

B.   The mandate of the Insurance and Private Pensions Committee shall remain in force until 31 December 2024.”