EIOPA Chairman, Gabriel Bernardino, has spoken to the Italian Insurance Supervisor Conference about the implementation of Solvency 2 beyond compliance considerations. He said the main challenges to Solvency 2 implementation are the use of the Own Risk and Solvency Assessment, Solvency 2 public disclosure and the creation of a more consumer-centric culture.

He said Solvency 2 represents an enormous opportunity to improve risk management, and develop sustainable business models, and also creates an opportunity to improve the functioning of the internal market, in particular by ensuring a high, effective and consistent level of supervision, preventing supervisory arbitrage, guaranteeing a level playing field and ensuring a similar level of protection to all policyholders. (Source: EIOPA discusses Solvency 2 implementation beyond compliance)