Solvency II Introduction Needs Transition Period, Ceiops Says
A new risk-based regulatory framework for European insurers should be introduced with a transition period, the regulator developing the rules said.
“We should allow a period for the market and supervisors to adopt,” Gabriel Bernardino, chairman of the Committee of European Insurance and Occupational Pension Supervisors, or Ceiops, said at a conference in Paris today. “We shouldn’t postpone the introduction of Solvency II, but rather phase in the implementation.”
Frankfurt-based Ceiops is developing Solvency II together with local supervisors in Europe. The rules, scheduled for introduction in 2013, have been tested by the industry in a fifth quantitative impact study, named QIS5. Ceiops plans to publish the results of the study in March, secretary general Carlos Montalvo said in an interview on Oct. 22.