CEIOPS recently released a letter of the EC on Solvency II – equivalence assessments.
For the full text, open the following link to the CEIOPS website:
“…A transitional regime for equivalence is not foreseen in the current Framework Directive. However, the Omnibus II Directive would provide the Commission with an opportunity to amend the Framework Directive to allow for the development of transitional measures in level 2 implementing measures. It is foreseen that the transitional measures would be introduced for each of the three equivalence articles (Article 172, Article 227 and Article 260)…
…It would not be appropriate for the Commission to pre-judge the outcome of the political discussions with Member States and the European Parliament on the possibility of having transitional measures for equivalence. However, the European insurance industry has indicated that the United States would be a primary candidate for which a transitional regime would be relevant…”
