Michel Barnier, speaking at the European Insurance and Occupational Pensions Authority (EIOPA) annual conference (see FReD 18 November), spoke of the challenges of implementing Solvency II. He said the Commission’s aim for the Level 2 measures is not to penalise products of high economic and social value. He also spoke on third country equivalence, saying equivalence is in everyone’s interests. He said the Commission plans to work with third countries using measures it will get under Omnibus II, where countries are working towards equivalence. He also noted that international initiatives, such as those on global SIFIs (G-SIFIs), must take into account the characteristics of the insurance sector. (Source: Barnier Speaks on Solvency II and the Insurance Sector)