Bernardino urges EC to agree Solvency II timeline

The chairman of the European Insurance and Occupational Pensions Authority has again expressed concern about the impact of Solvency II delays.

In a presentation to the House of Finance at Frankfurt's Goethe University, Gabriel Bernardino referenced the letter he sent to the European Parliament, the European Commission and the Council of Europe last week, urging them to agree a clear timeline for Solvency II implementation.

The Eipoa chairman said: "Further uncertainties and delays increase the risk of a postponement of Solvency II and in turn the benefits of a risk-based supervision and enhanced on risk management that Solvency II will bring.

"They are also potentially harmful to the EU's position and credibility in the international discussions."

Bernardino expressed concern that postponement by the European Parliament to vote on the Omnibus II Directive until March 2012 has affected Eiopa's ability to consult on the technical standards and guidelines, which will form an integral part of the new regulatory framework.

He added that Eiopa is currently trying to take this delay into account in its planning.

The comments are a clear indication that there is concern about insufficient time for Solvency II to be implemented in line with the existing timetable.