The "SII Lessons Learned" conference, organized in Ljubljana, on September 6th, by the Insurance Supervision Agency of Slovenia under the honorary patronage of the President of Slovenia, Borut PAHOR, has explored the first lessons learned during the 9 months that have passed since Solvency II had officially come into force within the EU, assessing thus the first effects seen after this regulatory change of a very significant magnitude. XPRIMM Publications support the event as Media Partners.
Referring to the Slovenian insurance market, SIMONITI emphasized that it "entered the Solvency II environment in a very good shape". Still, as Manuela ZWEIMUELLER, Head of Regulations, EIOPA has stressed out, the implementation process is entering now in a new stage, "which is supervisory convergence." "This will take time for all of us to adapt and to practice. EIOPA will add value to national supervisors but also challenge them - so we have a unique role," she said.
Seen from the market players' angle, "insurance companies will face major changes due to Solvency II and to other future challenges; it will need to respond adequately to consumer demand," as Matija SENK, Member of the Management Board ADRIATIC Slovenica, Slovenia has pointed out.
To successfully do so, communication and knowledge are crucial in all aspects: "The importance of a good comprehension of Pillar III public disclosures by those who shape the public and market opinion, like analysts and journalists, is crucial, as communication is key. S2 has to be decoded for those not looking forward to getting a PhD in insurance," toned up Alexandru CIUNCAN, Member of EIOPA's IRSG & OPSG, Managing Partner - XPRIMM. He added that "consumers are now more involved in decision-making than ever and are a part of the game. They are more than ever, engaged stakeholders. And they have to be because globalization, the access to information, the sharing economy - are reshaping the world."
Solvency II is designed to give clients more trust in a more stable system and its supervision, may be one the conference's leitmotif.
Click here to follow the event's live text coverage.
Click here for Manuela ZWEIMUELLER's speech.