Eiopa chairman raises concerns over Solvency II delays
Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority (Eiopa), has said continued delays in the legislative process for Solvency II are hampering the authority’s progress in developing the regulatory regime.
In a letter to Michel Barnier, the European commissioner for internal market and services, Bernardino said delays to the approval of the Omnibus II Directive and the level 2 implementing measures were proving an increasing hindrance to Eiopa’s public consultations on the standards and guidelines that will complement the new regulatory framework.
He warned that continued delay would lead to the development of potentially divergent national regulatory practices.
Last month, the European Parliament’s Economic and Monetary Affairs (Econ) committee delayed a crucial vote on the Omnibus II directive until March 21 in order to consider the technical aspects of the rules.
The delay – the second time the vote has been postponed – stoked fears that the overall implementation of Solvency II could be delayed.
Until the vote has taken place, the trialogue negotiations, involving the parliament, Council of the European Union and the European Commission, cannot begin and the Omnibus II Directive agreed – a precursor to finalising the regime’s detailed rules.