Keeping it consistent

While consensus appears to have been reached over the liquidity premium and hybrid debt issues, whether the current state of the Solvency II directive can truly be called market consistent was debated as leading figures in the directive’s passage met in a forum hosted by the Committee on Economic and Monetary Affairs at the European parliament. Aaron Woolner reports

Peter Skinner: The parliament left Solvency II early last year, when an election got in the way. Unfortunately, when we returned in September, we got most of our information over the directive’s current state from the press, rather than in the direct form, which isn’t the best way for politicians to find out about developments.

This isn’t a criticism of the people in front of us today, but instead of how the industry reacted – and in my view, overreacted – to the issues posed by Solvency II.

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