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roval of new rules for determination of insurance rates in high-income EU and OECD countries

During the annual meeting of working groups of the OECD, which took place in the mid of November in Paris, the working group of the Participants to the Consensus of the OECD approved a package of new rules for determining of insurance rates in the countries of the co-called category 0 (high-income EU and OECD countries). The formal approval was preceded by several years of discussions and technical work of experts (5 years of work) that led to common compromise proposal of the EU and the US relating in addition to the rules for insurance rates also to the conditions for providing syndicated credits and other technical issues. The approval process itself in Paris was difficult and involved the approval of amendment to the individual parts of the OECD Consensus, and also technical manual for the use of market reference benchmarks (Market Benchmark Manual). During the technical experts meeting the delegation from Japan opened two technical issues that the experts did not solve and the decision about them was escalated to the level of Participants.

The Working Group of the Participants to the OECD Consensus includes the EU Member States represented by the European Commission. Any approval mandate of the Commission has to be coordinated at the level of the Member States, which is the duty of the presiding country. SK PRES in this respect led three EU coordination meetings, where common European consensus was reached after difficult negotiations and the Commission was given the mandate to approve the changes in the proposal. Without efficient coordination of SK PRES the EU Member States would most probably not reach the agreement with changes proposed, which could be perceived by other delegations as an expression of mistrust and failure in final stage of the important technical document approval.

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