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 (ALV) and Axa SA (CS), 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.
The Solvency II rules are scheduled for introduction in 2013. Regulators and the European Union have agreed to postpone full application of the rules until 2014, following discussions with the industry. Last month, the European Parliament delayed a vote on the rules until March.
“What supervisors, industry and consumers would benefit most from is certainty on the implementation of Solvency II,” Bernardino said. He said he had “urged the European Commission, the Parliament and the Council to agree on a clear timeline for the Solvency II implementation.”