In a recent keynote speech, Chairman of EIOPA, Gabriel
Bernardino, stated that supervisory convergence amongst National
Competent Authorities ("NCAs") will be
its primary strategic objective, in the wake of Solvency II
implementation.
Given the current differences in supervisory cultures and practices
between Member States, EIOPA will allow five years to co-ordinate
the move towards more consistent and convergent supervision in the
EU insurance market. EIOPA will work with NCAs during this time to
eliminate the material differences in domestic supervisory models
and pave the way towards a level playing field of policyholder
protection.
Importantly, the announcement does not affect the current timelines
for compliance by insurers with the applicable provisions of
Solvency II.
Please click here to view the speech in full.
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