In its letter, EIOPA stressed the importance of agreement on a clear timeline for the entry into force of Solvency II and it encourages the Commission, the European Parliament and the Council of the European Union to take steps to ensure that Solvency II comes into force in 2014.
EIOPA also noted that it is currently assessing how best to deal with the implementation delays in the context of its ongoing work in preparation for Solvency II, but went on to warn that continued delay could lead to Member States developing individual solutions to cater for preparation for Solvency II. This, EIOPA said would be contrary to a single harmonised approach and may hinder the aims of Solvency II.
In summary, while the effect of EIOPA's letter may not be evident for quite some time, as one of the core contributors to the Solvency II framework, its concerns are likely to be considered carefully.
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