EIOPA has published the speaking notes and presentations from its press event on the implementation of Solvency II held on 10 December. In his opening comments, the Chairman of EIOPA, Gabriel Bernardino, reiterated the positive features of Solvency II and explained that it allows for a modern, robust and proportionate supervisory regime which facilitates the alignment of capital and risk management. He anticipates a paradigm shift in companies’ risk culture as Solvency II incentivises good governance and good management. Solvency II also guarantees a common level of consumer protection across Europe. EIOPA’s efforts will be focused on the consistent application of EU Regulation, guaranteeing a level playing field and preventing regulatory arbitrage in the internal market. Presentations were given by EIOPA Insurance Experts on two essential principals of Solvency II being: (i) the total balance sheet approach and the economic market consistent valuation of assets and liabilities; and (ii) the information flows in Solvency II and public disclosure.
Copies of slides of both presentations have been provided and can be accessed here.