Mandate :       Resolution concerning the mandate of the Insurance and Private Pensions Committee adopted by the Council at its 1262nd session on 28 June 2012 [C(2012)104, C(2012)104/CORR1 and C/M(2012)8, item 116]

 

 

 

Resolution of the Council [C(2012)104, C(2012)104/CORR1 and C/M(2012)8, item 116]

 

“THE COUNCIL

 

Having regard to the Convention on the Organisation for Economic Co-operation and Development of14 December 1960;

 

Having regard to the Rules of the Procedure of the Organisation;

 

Having regard to the Resolution of the Council Concerning the Participation of non-Members in the Work of Subsidiary Bodies of the Organisation [C(2004)132/FINAL];

 

Having regard to the Recommendations of the Council on the In-Depth Evaluation of the Insurance and Private Pensions Committee [C/M(2007)3, Item 27];

 

DECIDES

 

1.    The mandate of the Insurance and Private Pensions Committee is as follows:

 

i) Objectives

 

a)   The overarching objective of the Insurance and Private Pensions Committee (hereinafter called “The Committee”) is to promote 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. The Committee shall assist policymakers indesigning, adopting and implementing policies for achieving this objective.

 

b)   The main objectives of the Committee shall include:

 

−    improving insurance and private pensions awareness and education;

 

−    strengthening private pensions systems to help them address the challenges of ageing;

 

−    enhancing the efficiency and effectiveness of insurance and private pensions regulation;

 

−   improving the financial management of large-scale risks.

 

ii) Methods

 

a)   In order to achieve these objectives, the Committee shall:

 

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

 

−    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,

 

−    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.

 

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

 

iii) Co-operation

 

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

 

b)   The Committee shall keep itself informed of the activities carried out in other international bodies in respect of insurance and private pensions, coordinate work and avoid duplication with these bodies, especially the IOPS^[1] and the IAIS^[2], and shall provide a forum for consultations among Member countries to enable them to exchange views on issues raised in these bodies.

 

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

 

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

 

2.    The mandate of the Insurance and Private Pensions Committee shall remain in force until

31 December 2013.”