EIOPA gives insurance regulators extra time to implement Solvency II
Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority (EIOPA) has announced that he is allowing insurance regulators a further 5 years to harmonise their practices across the EU when implementing Solvency II.
The announcement comes “in light of current differences of supervisory cultures and practices”, according to Bernardino.
While all European insurers are required to be compliant with the Europe wide risk-based system by January 1 2016, EIOPA has allowed insurance regulators significant leeway in both how and when they implement the new Solvency II standard.
In addition, some national governments have not yet transposed the directive into national law, creating further uncertainty in those jurisdictions.
The differences in insurance regulators’ requirements from jurisdiction to jurisdiction within the EU will still need to be assessed in the New Year.
“Quality of national supervision is no longer solely a national or regional issue; it is a European issue,” added Bernardino.
“The EU supervisory system will only be as strong as its weakest link.”
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