Hugely important comment from Gabriel Bernadino at EIOPA

Again our friends at Insurance ERM are justifying their move to subscription-only with an exclusive interview with the most successful Portuguese overseas since Vasco da Gama, EIOPA Chair Gabriel Bernadino.

This is subscription only, so please get your department to fork out £600 for the year, as it is well worth it. There are some stunning comments made in this interview;

• On transitionals "10 years is too long. That is out of the question. No one wants that" - CEA, ABI, Central Bank of Ireland, GCAE, please form an orderly queue!
• "One to two years" adequate for hybrid debt transitional, "three years" for equivalence
• On QIS5 calibration, "I don't think that the standard formula will be detrimental to the market" and "the framework is conceptually sound". He does concede that calibration tweaks will come in the heaviest lobbying areas but adds about the controversial cat risk sub module "I cannot say that the outcome will be to change the parameters"
• On ORSA "the ORSA won't have level 2 implementing measures, but there needs to be consistency in the way it is implemented"
• On implementation "we will have a single rule book - level 1 and level 2 implementing measures and EIOPA's guidelines and recommendations [which] will not be binding on local regulators, but they will need to comply with them, or explain whay they are not doing so"
• Working on supervisory convergence

I have to say I like the guy's style - I suspect his views on transitionals may not be at all welcomed, but I'm sure we'll hear more on it - EIOPA guidelines and recommendations is a new one on me though - any ideas?