Joint industry letter calls for substantial revisions to implementing measures

Representatives of the European insurance industry have urged the European Commissioner for the Internal Market and Services, Michel Barnier, to ensure that the overly conservative and prescriptive elements still contained in the draft implementing measures for the forthcoming EU regulatory regime, Solvency II, are urgently addressed. “It is absolutely imperative that changes are made to the overly conservative approach being adopted in several areas,” says the letter, which is co-signed by the CEA, the European insurance and reinsurance federation; the Pan European Insurance Forum; the CFO Forum; and the CRO Forum. In the letter, 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.