The Solvency 2 Directive should enable us to propose an internationally recognised standard, based on rigorous economic principles and leaving no room for regulatory loopholes, Commissioner Barnier underlined. Also, the QIS 5 will be used for the final calibration of the directive.
Speaking at the public hearing on the Level 2 implementing measures in Brussels Barnier stressed that Solvency II will:
· strengthen the solidity of insurers and the security of those insured, and thus the stability of the European financial system.
· establish more consistent and comprehensible standards in a more European framework. With Solvency 2 the EC is codifying 14 directives into a single unified text, promoting the consistency of the information that insurers have to provide. The EC is also contributing to the establishment, at European level, of a common culture of risk management at the very heart of the insurance undertakings.
· contribute to the modernisation of the European insurance sector and to its competitiveness.The Solvency 2 Directive should enable us to propose an internationally recognised standard, based on rigorous economic principles and leaving no room for regulatory loopholes.
He warned that final conclusions on Solvency II should not be withdrawn as the fifth quantitative impact study has not been published yet and it will be used for the final calibration.
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