Brussels, 28/04/2011 (Agence Europe) - The European Commission will reportedly decide to introduce a phase-in period for application of the new Solvency II rules in 2013 on capital requirements for European insurance companies. A French expert, Benoît Hugonin, seconded to the European Commission, explained at a conference organised by the French insurance surveillance body on 27 April 2011, that targeted transition measures were being examined, according to reports in French newspaper Les Échos. The head of the European Insurance and Occupational Pensions Supervision Authority, Gabriel Bernardino, said the transition phase would consist of the current rules applying alongside the new Solvency II Directive rules. A certain leeway would be allowed in the calculations of the capital requirements.
Earlier this month, the European Insurance and Reassurance Federation (CEA) expressed deep concern about Solvency II (see EUROPE 10352), saying that the regulators' preferred options for how the directive would apply would force the industry to abandon the long-term view and would have a negative impact on the cost and sale of insurance. (M.B./transl.fl)