On 2 June 2015, Insurance Europe published a speech given by its president at the 7th International Insurance Conference held in Luxembourg in May.  The speech is critical of several aspects of international initiatives including (a) Solvency II (as regards implementation timelines, the shift in approach from a principle-based to rules-based approach and the treatment of long-term guaranteed products); (b) the development of international capital standards by the IAIS; (c) the PRIIPs Regulation and the proposal for a revised Insurance Mediation Directive (in both cases, as regards information requirements); and (d) regarding shift in focus from co-ordinating efforts of supervisors to development of international capital standards).