Insurance EuropeInsurance Europe
Press Release
Statement on the consultation on the second set of EIOPA ITS and guidelines

Commenting on the consultation on the second set of the European Insurance and Occupational Pensions Authority’s (EIOPA) Solvency II implementing technical standards (ITS) and guidelines, Olav Jones, deputy director general of Insurance Europe, said: “Reviewing the over 1600 pages and 271 reporting templates included in this extensive consultation was extremely challenging, especially given how much work is currently being undertaken by the industry to implement Solvency II. While Insurance Europe strongly supports the implementation date of 1 January 2016, a consequence of this timetable is the very late finalisation of the reporting package, which adds significantly to the implementation challenge and costs for insurers.

“The proposed significant acceleration of deadlines for financial stability reporting will be particularly expensive and difficult, and is not realistic. Given the extremely short time allowed to implement the very extensive reporting requirements, Insurance Europe requests that EIOPA and supervisors allow simplifications and limited gaps in reporting during the first year of implementation..."

 

Published 5 March 2015