CEA warned on Omnibus II timeframe
29 April 2011
Prolonged political negotiations would delay negotiations on Level 2 and Level 3, in turn reducing the amount of time available for insurers to implement changes before coming into force on 1 January 2013.
The CEA published its position paper on the EU’s Omnibus II Directive, which amends several pieces of financial services legislation to reflect the powers given to the new EU financial services supervisory authorities. The CEA supports the proposal to apply transitional provisions to certain aspects of Solvency II to allow a smooth transition from Solvency I.
The CEA, however, expressed concerns over the timeframe for the adoption of Omnibus II. The paper stresses nevertheless that the quality of legislative drafting should not be compromised.
© CEA - Comité Européen des Assurances
