Insurance industry’s Basel II released
The EU Commission has published its proposal for Solvency II, a regulatory framework for the insurance industry that uses Basel II’s three-pillar structure.
Thomas Steffen, chair of the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS), which aids the implementation of the EU’s insurance rules, said: “Solvency II is a modern, risk-sensitive system for the 21st century that brings supervisors and supervised firms closer together, with clearer responsibilities on both sides.”
Charlie McCreevy, the commissioner for Internal Market and Services, said the EU aims to implement the framework by 2012.
To read the Solvency II
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