Michel Barnier has written to representatives of the insurance industry who had expressed concerns over Solvency II. He explained that, although the insurance industry did not cause the crisis, Solvency II is not a response to the crisis, but rather a means of moving insurance regulation with the times. He said he appreciated there are still issues to be resolved but that he is committed to implementing Solvency II at the beginning of 2013 as planned. (Source: Barnier Letter on Solvency II)