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.
Bernardino said the Econ committee should vote quickly on the directive and for a clear timetable for implementation of Solvency II to be set out. “I want to stress the importance of having a vote on Omnibus II in Econ as quickly as possible and urge the European Parliament, the commission and the council to agree within the context of the trialogue on a clear timeline, which would ensure the entry into force in 2014 with sufficient assurance for a due process to prepare the Solvency II implementation,” he wrote.
Continued delays to Solvency II would encourage countries to pursue their own national solutions to maintain the momentum in preparing for Solvency II, he added. “This is contrary to the development of the single rulebook and will hinder the efforts for achieving European convergent practises, which is at the heart of the project,” Bernardino argued.
Life & Pension Risk reported this month that local regulators are already facing pressure due to delays to the Omnibus II vote.
In an exclusive interview with Life & Pension Risk, Peter Skinner MEP, the parliament’s rapporteur for Solvency II, said that a 2014 implementation date was still feasible despite the delay to the Econ committee’s vote. “I think the March deadline [for the vote] is probably the last that we could delay it,” he said.
This article was first published on Risk