It is important that Solvency II, the new regulatory regime for Europe’s insurers, is implemented consistently across the EU. Insurance Europe therefore appreciates the fact that guidelines were published by the European Insurance and Occupational Pensions Authority (EIOPA) on 27 September to help insurers and national supervisors prepare for implementation.
“Insurance Europe is pleased that EIOPA has made clear that the guidelines should be applied in a proportionate way and has emphasised that this is a preparatory phase during which Solvency I remains the applicable regime,” said Olav Jones, deputy director general of Insurance Europe. “It is also good to see that no quantitative reporting linked with Solvency II Pillar I elements is required until 2015.”
To avoid incurring implementation costs twice, the review clause in the guidelines should be used to ensure that undertakings are not asked to implement any Pillar I quantitative reporting before the Omnibus II Directive and the delegated acts that flesh out the Solvency II Framework Directive are clearly defined.