Insurance industry urges EU to correct Solvency II implementing measures

04 April 2011

Representatives of the European insurance industry have urged the Commissioner for Internal Market and Services to ensure that the overly conservative and prescriptive elements contained in the draft implementing measures for the forthcoming regulatory regime, Solvency II, are urgently addressed.

In a letter, co-signed by the CEA, the European Insurance and Reinsurance Federation, the Pan European Insurance Forum, the CFO Forum, and the CRO Forum, the EU Commissioner has been warned that it is absolutely imperative that changes are made to the overly conservative approach being adopted in several areas.

The insurance industry stresses its full support for the principles set out in the Solvency II Framework Directive and its willingness to engage constructively with the Commission and the European Insurance and Occupational Pensions Authority (EIOPA) to solve outstanding issues, which include the need for a more balanced calibration of certain requirements, the tackling of pro-cyclicality and volatility in the Solvency II framework, and the need to address unnecessary complexity.

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