EIOPA & Solvency II: What to expect in non-Member States such as Switzerland

01 December 2011

EIOPA chair, Gabriel Bernadino, highlighted that equivalence criteria will facilitate cross-border activities of insurance and it will diminish the burden on internationally-active insurance groups.

 What is still missing in Solvency II?

• Level 2 implementing measures
• Omnibus 2
• Technical standards and guidelines
• EIOPA plans to start public consultation of technical standards in May 2012.

Criteria for equivalence - areas to be assessed:

• Powers and responsibilities of third country supervisors
• Taking-up of business
• System of governance
• Public disclosure
• Changes in business, management or qualifying holdings
• Solvency assessment
• Professional secrecy, exchange of information
• Group supervision

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