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Speaking at the annual conference of Insurance Europe – the insurance and reinsurance federation previously known as CEA – the commissioner for the internal market also announced the imminent publication of a Green Paper on long-term investment, signalling some recognition of concerns from the pensions industry regarding their ability to act as long-term investors under a revised IORP framework.
However, the commissioner did not as expected comment on the quantitative impact study (QIS) for the holistic balance sheet (HBS), although he reiterated that the Commission does not intend to apply "all the Solvency II rules" to occupational pensions institutions. "I believe it is important in regulatory terms to maintain a level playing field between insurance companies and pension funds when they supply similar and interchangeable products. I do not wish to penalise either of them."
Barnier went on to announce that the next draft of the revised IORP Directive would not be published until the summer of 2013. Barnier stressed that no final decision had yet been taken on the new rules for pension funds and that the preparatory work was still under way. "Over the coming months, the Commission will continue to work closely with EIOPA and all the other stakeholders to ensure that the final text hits the right note", he said.
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