Wednesday, 21 November 2012

EIOPA Conference in Frankfurt - "The authenticity of hopelessness"

"What do we want?" - "SOLVENCY II"
"When do we want it?" - "WHENEVER!"

...or so goes the leitmotif of today's EIOPA conference in Frankfurt, attended by the great and good from EIOPA, the Commission and various regulatory/lobbying bodies - ably tweeted by DIMA and Mr Varnell.

Sr. Bernadino's early morning speech covers the IORP issue as well as pure Solvency II, and tells us;
  • Politicial institutions should commit to Solvency II
  • All need to agree on "sound and prudent regime" for valuing long-term guarantees - EIOPA hoping to receive a clear mandate "as soon as possible", which is not promising for outcome delivery to a March 2013 plenary session!
  • Regardless of how long we stretch out to for full go-live ("not earlier than 2016" is his indication in the speech, rather than a fait accompli), EIOPA will look to co-ordinate early implementation of Pillar 2 and Pillar 3 elements based on their existing powers. Not certain if that means "existing" anticipates including or excluding the Omnibus II changes though.
Interestingly, on the same day our pals at Bloomberg produced this tidy summary of piecemeal introduction of elements of Pillars 2 and 3 which touches on some of the elements from my blog post the other week - particularly like Oliver Bate's "Balkanisation" comment!

Since Bernadino's speech the tweetosphere has been full of comment from the Montalvos/Van Hulles/Creedons etc around the practicalities of Pillar 1 parallel running, leading or following IAIS developments in insurance regulation, and ORSA - get stuck in on the #EIOPA2012 hashtag!

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