Thursday, 14 April 2011

Commission open letter to EIOPA - Salon de dernier chance?

So off the back of QIS5 the Commission have asked for the last efforts from EIOPA, some by request, and seemingly some at the point of a gun. My read was;
  • 4 sub-modules still clearly miles away, and advice required immediately
  • Happy to simplify (over-complexity now referred to as a "fact", but Commission will not accept a laundry list from EIOPA
  • Proportionality guidance only to be issued at Level 3, and EIOPA are in charge
  • Clearly worried (and rightly so) that guaranteed products are about to become like hen's teeth, so EIOPA are already on the case
  • EIOPAs voluntary work on EPIFP is not especially welcome, needs to hurry up just to get on the table, and EPIFP will be Tier 1 regardless

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