Eiopa ‘politically naive’ to scrap national vetoes on long-term guarantees package

Agreement on Omnibus II more difficult if opt-outs removed, warn experts

Proposals to apply Solvency II's long-term guarantees package to cross-border businesses will make political agreement on the recommendations harder to achieve, experts say.

The European Insurance and Occupational Pensions Authority (Eiopa), in its report on the long-term guarantees assessment released last week, said that member states should not be able to opt out of elements of the measures for products with long-term guarantees. It also said that cross-border business should not be excluded