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Convergence and harmonisation is key to the success of Solvency II, according to panellists at public hearing
Harmonisation and convergence were the main themes that marked a public hearing at the European Commission (EC) on Solvency II yesterday. The panel, which included industry stakeholders, consumer groups, members of the European Commission and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS), stressed that a single and unified approach was integral to the success of Solvency II.
Though the high-level principles that will form the basis of Solvency II are still being decided, the more controversial aspects of the directive are already in active debate. Harmonisation, industry submissions to consultation papers and regulatory convergence were offered as pre-emptive solutions to the more contentious issues of home-host, the threat to small to medium-sized enterprises (SMEs) and the final calibration of the directive.
CEIOPS chair Henrik Bjerre-Nielsen stressed that such
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