Rapporteur Brukhard Balz (DE, EPP) stressed that two major concerns for the insurance and reinsurance industry are the issue of third country equivalence and the transition period.
Mr Balz's (DE, EPP) approach to Omnibus II is the following:
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Strengthen the supervisory powers.
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Market participants need legal certainty as implementing measures cannot have just delegated act.
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It is vital that we look at the conditions to apply the liquidity Premium and EIOPA will play an essential role in this issue.
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The Supervisory Authorities in the home country must approve the Premium.
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When it comes to third countries, a system of equivalence would be the best solution.
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Consistency across sectors such as the banking sector should be considered.
The transition period is as follows:
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January 2013 it should be transpose, Solvency II information should be provided and there is a need to have the information on the implementation plan. There is a cost-benefit analysis for the first year.
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2013, specific approval procedures, approval of the internal model.
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2014, transition measures of Solvency II
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The reporting standards will be published at the end of 2012.
Member States will have an option of extending the deadline for small insurance companies when it regards the capital of these small insurance companies.
Draft report
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