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5th February 2012

European regulator warns politicians on Solvency II potential delay
Opinion

In the strongest warning yet to the European Commission and the European Parliament over Solvency II, EIOPA chairman Gabriel Bernadino has said in a letter to them that delays would lead to "the development of national solutions and hinder the efforts for achieving European convergent practices, which is at the heart of the project."
The warning comes after the European parliament's Economic and Monetary Affairs Committee postponed a vote on proposed changes to Omnibus II until March because of technical and political issues.
One area eagerly awaiting clarification by global insurers is how the US will be assessed for transitional equivalence after the European Commission set out on Friday which countries it has asked EIOPA to assess during 2012.
Meanwhile, a survey by UK lawyers Evershed revealed that 51% of City of London businesses feel that Solvency II should be simplified, with 27% saying that it does not require any changes.