EIOPA: Future of the insurance supervision and challenges for Ireland

24 April 2015

Gabriel Bernardino states the proper benefits from Solvency II implementation and explains how he sees the role of EIOPA in the move from regulation to supervision.

In the insurance sector the following years will be fundamentally impacted by the implementation  of Solvency II. This represents an enormous opportunity to improve risk management, embed a risk culture in the organisations and develop sustainable business models putting customers at the centre of the undertaking’s strategy.

It also creates an opportunity to improve the functioning of the internal market, in particular by   ensuring a high, effective and consistent level of supervision, preventing supervisory arbitrage, guaranteeing a level playing field and ensuring a similar level of protection to all policyholders.

Gabriel Bernardino, Chairman of EIOPA, is confident that if both insurers and supervisors remain faithful to the sound, basic principles of the Solvency II framework, the results for enhanced consumer protection and financial stability will be very positive.

“I  count  on  the  Irish  market  to  adopt  and  live  up  to  the  Solvency  II  principles  and deliver  sound  and  sustainable  business  practices  and  strategies  for  the  benefit  of European citizens and companies.”

Full speech


© EIOPA