Mr McCreevy noted in a recent speech to the EUROFI Conference in Nice, that discussions on the proposed Solvency II Framework Directive have been progressing at an impressive rate in both the European Council and Parliament. (See: Commissioner McCreevy updates the market on Solvency II)

Mr McCreevy noted that there are only a few issues still to be resolved and that he was confident that appropriate resolutions to these would be found over the next few months. Among the issues yet to be resolved are group supervision and group support.

Mr McCreevy recognised the valuable benefit of input from industry and provided assurances that stakeholders' views will continue to be sought during the development of the Solvency II project.

For further information on Solvency II, please see our recent blog posts:

CEIOPS publishes an issues paper on the supervisory review process and undertakings' requirements under Solvency II

Solvency II: Quantitative Impact Study 4 public hearing

CEA calls for extra scrutiny of Solvency II

Solvency II and the European Commission's Policy Priorities for the Insurance Sector