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Gabriel Bernardino warned that the delay until March of a Directive crucial for the implementation of Solvency II would be "potentially harmful" to the European Union's position and credibility overseas. He said the delay had hindered the organisation's ability to launch a public consultation on the technical standards and guidelines forming an "integral" part of the framework.
"In our view", he added, "any further delays will lead to the development of national solutions that have the potential to hinder the efforts to achieve the greater European convergent practice that lies in the heart of this project", He called on all parties to agree on a "clear timeline" for when the solvency regulation would be introduced.
The chairman also spoke about EIOPA's IORP Directive submission to the Commission, which he said would be published shortly – outlining that the organisation viewed "transparency, comparability, comprehensiveness and market consistency" as important in regards to new valuation and capital requirements.
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