Olav Jones, deputy director general of Insurance Europe, told an event in the European Parliament last night: “A well designed Solvency II framework should provide a safe regulatory regime that captures the real risks for insurers".
“We are encouraged that there are plans to test a set of measures that could address the long-term issue … these measures must be designed and calibrated in a way that will allow them to work across Europe and not be artificially limited or unnecessarily conservative.”
Solving the issue of how to adapt Solvency II to cope with the long-term nature of insurance has contributed to delays in the Solvency II timetable. These delays are unfortunate but getting the right solution without unintended and damaging consequences is vital. It is, however, important that clarity and agreement on a new timetable is achieved.
Jones was speaking at a roundtable discussion on the state of play of Omnibus II and Solvency II. The event was organised by the Parliament Magazine, the Italian Banking and Insurance Federation (FEBAF) and the Association of Italian Insurers (ANIA). It was hosted by Alfredo Pallone MEP.
Press release
© InsuranceEurope
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article