Representatives of the European insurance industry have written to the European Commissioner for the Internal Market and Services, Michel Barnier, to ensure that the "overly conservative and prescriptive" elements it believes are contained in the draft implementing measures for Solvency II are addressed.
The letter, dated 29 March, stresses the need for changes to be made to "overly conservative" elements of the new regulation, set to be enforced in 2013: “It is absolutely imperative that changes are made to the overly conservative approach being adopted in several areas.” The letter 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 it, the insurance industry stresses its full support for the principles set out in the Solvency II Framework Directive, and its willingness to engage construct...
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