Europe Needs Clear Timeline for Solvency II, Regulator Says

European authorities need to agree on a “clear timeline” for the introduction of a new risk-based regulatory framework for the region’s insurers such as Allianz SE and Axa SA, the industry’s regulator said.

“Any further delays will lead to the development of national solutions that have the potential to hinder efforts to achieve greater European” convergence, Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority, or Eiopa, said according to prepared remarks for a speech in Frankfurt today.