Andor also stressed the Commission understood that comparing insurance companies and pension funds was like comparing "apples and oranges". However, he was reluctant to reveal any details of the forthcoming White Paper on Pensions or revised IORP Directive – due for publication next month and in 2012, respectively.
"It is premature to go into details of the White Paper", he said. "It is even more premature to go into details or even speculate about the substance of the forthcoming IORP legislation." Challenged by Patrick Burke, chairman of the European Federation for Retirement Provision, that the IORP Directive did not have an "objective to try and create a level playing field" between insurers and pension funds, Andor deflected the question and said it would be a matter best answered by Commissioner Michel Barnier, who is responsible for internal markets.
The European insurance and reinsurance federation CEA has long argued for an approach of "same risks, same rules, same capital" to be applied across both insurance companies and pension funds.
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