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In the insurance sector the following years will be fundamentally impacted by the implementation of Solvency II. This represents an enormous opportunity to improve risk management, embed a risk culture in the organisations and develop sustainable business models putting customers at the centre of the undertaking’s strategy.
It also creates an opportunity to improve the functioning of the internal market, in particular by ensuring a high, effective and consistent level of supervision, preventing supervisory arbitrage, guaranteeing a level playing field and ensuring a similar level of protection to all policyholders.
Gabriel Bernardino, Chairman of EIOPA, is confident that if both insurers and supervisors remain faithful to the sound, basic principles of the Solvency II framework, the results for enhanced consumer protection and financial stability will be very positive.
“I count on the Irish market to adopt and live up to the Solvency II principles and deliver sound and sustainable business practices and strategies for the benefit of European citizens and companies.”