The 6th Annual CEIOPS Conference was held in Frankfurt on the 18th of November 2010. This was the last conference to be organised under CEIOPS as the Level 3 Committee will transform into the new European Insurance and Occupational Pensions Authority.
In his speech, Jonathan Faull, Director General, DG Internal Market and Services, European Commission stated the following:
“The new European supervisory landscape will combine nationally-based supervision of firms with strong co-ordination at the European level so as to foster harmonised rules, as well as coherent supervisory practice and enforcement.”
“Some people have questioned whether Solvency II is still the right approach. To me, there is no doubt that the current regime is outdated and it does not adequately reflect how undertakings should and do manage their businesses. The financial crisis shows what can be prevented with good risk management and sound governance. Solvency II is an economic risk-based approach that rewards good risk management and enhances policy holder protection.”
“…The Commission will also make changes based on the results of the fifth quantitative impact study (QIS5)…the European Commission will not wait until [the publication of QIS5 results] to listen to your experiences and to make improvements based on the lessons learnt. One of the early messages is that Solvency II has become too complicated. We have listened to this and will look at ways in which we can simplify the system without jeopardizing the economic risk-based approach, which is at the heart of Solvency II.”
“…We will shortly publish a consultation paper in order to obtain insights on the wider impacts of a number of policy issues to support the policy decision-making process at level 2.”
For the full text of his speech to the 2010 CEIOPS conference, click on the following link on the CEIOPS website:
Jonathan Faull keynote speech – CEIOPS 2010
