Solvency II - A New Era for European Supervision

10 March 2016 —
Solvency II - A New Era for European Supervision
Solvency-II-mic"15 years ago it was a revolutionary system, and now it is still unique on the global level". This is the best description of the Solvency II regime, as mentioned by EIOPA's Head of Regulations Manuela ZWEIMUELLER today during the "Solvency II: Ready, Steady, Go" event organized by the European regulator on 10 March 2016 in Frankfurt, Germany to mark the beginning of a "New Era".

Following the go-live of Solvency II starting 1 January 2016, supervisory convergence will become the main focus of EIOPA in the following 5 years. This is in fact one of EIOPA's strategic objectives - namely to improve the functioning of the European internal market [...] by leading in convergence to consistent and high-quality supervision.

"Solvency II is a huge cultural model change, a reset in the framework", Misu NEGRITOIU, the President of Romania's regulator ASF, said. He was invited to share his views on the challenges of implementing the Solvency II Directive. For Romania, implementing this framework has been a double challenge in comparison with some other more mature markets, he pointed out.

However, Romania is most likely joined in its efforts by other similar markets within the EU - and a solution for the future might be the increased dialogue between national competent authorities, as Charlotte PATERSON of SWISS Re said on the same panel. Sharing expertise between regulators and trying to move towards a more harmonized approach is therefore key in this regard, she added.

The event had a 3 panel-structure discussion on Supervision under Solvency II, Financial Stability and Crisis Management and Data Collection & Business Intelligence under Solvency II. Some 150 attendees, representing regulators, academics and consumer representatives and also industry were in the audience.

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