Speaking at the Insurance Institute of London, Commissioner McCreevy outlined the Commission’s policy priorities for the insurance sector. “Our key priority for this year is ensuring that the Solvency II Proposal is adopted without the substance of the Proposal being compromised”, McCreevy said, aiming in particular on the group supervision regime that remains to be agreed on.
The amended proposal the Commission will introduce in the near future will concern the recast part of the proposal, the Commissioner noted and called to meet all the deadlines of the proposal. As the QIS 4 final report will be ready by November, votes in the EP and the Council will therefore need to be taken before.
The implementation measures are expected to be adopted by the European Parliament in 2010. CEIOPS was asked to deliver advice on the implementing measures by October 2009. CEIOPS will also provide advice on the proportionality principle by next May.
The Commissioner made clear that the Solvency II will only be applied to occupational pension funds if there is a clear case for doing so. “A very strong business case would be required before we start shifting Solvency II rules to pension funds, and frankly, I would be surprised if there is such a case”, McCreevy underlined.
CEIOPS is currently examining the existing solvency rules for pension funds.
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