Monday, March 25, 2013

CAR INSURANCE Insurance trade body opposes the interim Solvency II requirements

Insurance Europe writes to EIOPA head warning ' unnecessary costs '
Insurance Europe trade body has written to the European Insurance and Occupational Pensions Authority (EIOPA) head Gabriel Bernadino opposing Solvency II interim quantitative reporting requirements and the warning that they are "unnecessary costs can result". CAR INSURANCE
The open letter was signed by Insurance Europe Deputy Director-General Olav Jones, said that if trialogue parties (the European Commission, Council and Parliament) were not in such measures, ran the risk of interfering with the policy-making process itself while the Omnibus II discussions are underway, and move forward on the result. CAR INSURANCE
Omnibus II is an important package of proposed amendments to the Solvency II directive. The content of Omnibus II is still under negotiation.
The letter said: "In these interim measures, it is essential that regulators aimed at limiting the cost of Solvency II for insurers and their policyholders, otherwise the cost of Solvency II long before the benefits will turn out, and there is a real risk that the project will fall into disrepute."
The letter said that only when the result of Omnibus II was known could go into what the focus, any interim measures must be applied to reporting. CAR INSURANCE
It said that this would depend on when Omnibus II is completed, what is decided, and the timetable for implementation.
"Even then the implementation should be done in the application with the principle of proportionality and a reasonable period to impose the necessary changes in their reporting processes and systems," said the letter. CAR INSURANCE
"It is important to recognize that interim measures are not a phasing of Solvency II, and that additional information collected during this period should not lead to other provisions than I is used to determine solvency capital requirements. Provisional measures should not lead to a de-facto implementation of Solvency II before it is legally enforceable. "
KPMG insurance Director Janine Hawes told Global reinsurance the contents of the letter came as no surprise as nobody wanted to increased expenses but they wanted the process to be done in a proportionate manner. CAR INSURANCE

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Title Post: CAR INSURANCE Insurance trade body opposes the interim Solvency II requirements
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Author: Mohammad Zulfi Satriawan

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