The FSA said the first plenary meeting of the Committee of European Insurance and Occupational Pensions Supervisors (Ceiops) was held on 4 February.

Ceiops chairman Henrik Bjerre-Nielsen said: "This first meeting of the fully established CEIOPS following its legal creation by an European Commission decision last November marks an important stage in the Committee's development.

"The Committee will have a key role in the effective implementation within the EU of insurance and pensions related legislation, especially in relation to the upcoming Solvency II Directive."

Ceiops role will include: advising the European Commission on the preparation of proposals on insurance, reinsurance and occupational pensions; assisting with consistence in the implementation of EU Directives; and dealing with the convergence of member states' supervisory practices.