Solvency II - On Your Mark, Get Set, Go

14 November 2013 —
"Solvency II - On Your Mark, Get Set, Go" is the title under which will take place, in less than one week, the third section of the EIOPA Conference. In fact, the Solvency II topic was a constant presence on the Conference's agenda over the last few years, each time being emphasized the unsolved issues which determined the new solvency regime's introduction to be several times postponed. Hopefully, this year it seems, at least judging by the title, we will see no delay. In addition, the recent agreement between the European Parliament, Council and Commission on the Omnibus II Directive is an important step for the new Solvency II risk-based regulatory regime implementation to remain on schedule.

"It was important for Omnibus II — which updates the Solvency II Directive of 2009 — to be finalised now, as a great deal of work remains to be done on the technical details of the new regime before insurers and supervisors can be ready to apply it from the start of 2016," said Insurance Europe's President, Sergio BALBINOT. "While the compromise reached between the institutions on Omnibus II is not the ideal solution the insurance industry would have wished for in terms of correctly reflecting insurers' long-term business and low exposure to market volatility, we do believe it is a workable base from which to develop the technical details of the new regulatory regime," he added.

Providing that "Solvency II will enhance the confidence of investors and policyholders in the European insurance industry, which is the largest in the world, with 33% of global premiums," as BALBINOT said, an efficient implementation of the new regime is, at this stage, a core task for all the European insurance market's regulators and players.

Next week, the EIOPA's priorities, advices and concerns will be revealed in Frankfurt and XPRIMM Publications will offer you, as usually, an extensive coverage of the event's conclusions.

Daniela GHETU

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