Broad participation will ensure that a clear picture is reached of the appropriateness and feasibility of the tentative solutions and options identified by the Commission and will thus pave the way for the finalisation of Solvency II, the EU’s new regulatory regime.
The CEA had previously voiced serious concerns over the advice for the implementing measures drawn up by the Committee of European Insurance and Occupational Pensions Supervisors (Ceiops), which it felt was excessively prudent in relation to capital requirements and did not always respect the basic principles of an economic risk-based regulatory regime, as set out in the Solvency II Framework Directive.
“The CEA made contributions in order to create implementing measures that are more in line with economic reality and better reflect the Level 1 Directive text,” said Tommy Persson, CEA president.
“Although many of the issues raised by the CEA have been addressed in the QIS 5 specifications, there remain areas of significant concern.”
“We believe that the QIS 5 specifications prepared by the European Commission represent a step in the right direction compared to the Ceiops advice. At the same time we urge the European Commission and the other EU institutions to consider the outstanding industry concerns in order to draw up a balanced regime that ensures consumer protection, promotes financial stability and, at the same time, provides the insurance industry with the necessary conditions to continue to effectively play its role in the economy,” added Persson.
The QIS 5 exercise will run between August and mid-November 2010, with the results due in April 2011. The CEA is running workshops in a number of EU countries to facilitate companies’ participation in the exercise. The first workshop was held in Brussels on 4 August. Further workshops will take place in Vienna on 21 September, Warsaw on 5 October, Tallinn on 7 October and Athens on 12 October.
© CEA - Comité Européen des Assurances
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