VIDEO: Michel BARNIER: Solvency II will happen so insurers have no reason for not being ready

12 June 2014 — Alexandru CIUNCAN
michel_barnier3"Europe is the biggest insurance market in the world and we have a world leading regulatory system that will soon start to apply. One year ago there were doubts whether Solvency II would even happen. With the agreement on Omnibus II that doubt is gone. We know that it will apply in the 1st of January 2016", Michel BARNIER, European Commissioner for Internal Market & Services said during the Insurance Europe Conference in Malta.

"There is a lot to do and the schedule is busy over the next 2 years to implement Solvency II, but it will happen so insurers have no reason for not being ready", he added.

Also, BARNIER outlined that insurers are among the most important providers of long term investments which is key to creating jobs in Europe. "As regulators, we have a duty to facilitate this role, while respecting prudential principles. That is the aim of our Solvency II delegated act", BARNIER said.

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