Petar-Pierre MATEK, HANFA: Solvency II is a totally new paradigm in our business

10 November 2016 — Daniela GHETU
Talking about Solvency II during the Croatian Insurance Days, Petar-Pierre MATEK, President, Croatian Financial Services Supervisory Agency (HANFA), pointed out that "we need to congratulate all those who took part in the preparatory process for their good work. This is a totally new paradigm in our business, requiring better communication, better understanding of all types of risks, more regulatory work".

As far as the MTPL prices are concerned, "the companies have cut costs and adjusted quickly to the new circumstances. HANFA has to insist on the adequacy of the premiums so that insurers be able to accomplish their obligations", Petar-Pierre MATEK explained.

During his speech, the President of HANFA also brought into discussion the future regulatory challenges. "Very demanding regulatory changes are coming - including PRIIPs - which is important considering the current increase in UK products sales in Croatia -, the IDD etc. HANFA is putting sustained effort in preparing for this new challenges, closely collaborating with the market", he said.