More progress on Solvency II decisions needed
Tuesday, 12 01 2015, Category: Insurance and Reinsurance, Country: Europe
Faster progress on which countries are granted group equivalence under Solvency II is needed, said the Association of British Insurers (ABI).
The organisation said that progress is encouraging following the decision by the European Commission to grant Bermuda and Japan group equivalence. However, it said that decision-making needs to be stepped up.
Solvency II comes into force on 1 January 2016, meaning prompt adoption of the Delegated Acts by the European Parliament is important, according to the ABI.
“The European Commission needs to make timely equivalence decisions on further jurisdictions,” it said.
Source: Intelligent Insurer