The European Union’s pending Solvency II regulations will reverberate with American insurers.
The American Insurance Association (AIA) says European insurance regulators are making progress toward an effective and efficient approach for determining whether the European and U.S. regulatory systems are equivalent.
“We very much appreciate the openness and transparency that has marked this process so far,” David Snyder, AIA VP and associate general counsel said in a statement. “We had a chance to hear presentations and submit comments, and the final letter and advice reflect much of this input.”
Following months of dialogue and discussion with European Union and 3rd country stakeholders, the Committee of European Insurance and Occupational Pensions Supervision (CEIOPS) delivered its advice paper and related cover memorandum regarding Level 2 implementation measures in assessing equivalence under the Solvency II Directive. The letter transmitting the advice document to the European Commission also referred to many of the important issues that AIA raised, Snyder said.
“The first priority ought to be to avoid disruption of trans-Atlantic insurance commerce,” Snyder added. “Otherwise, the public on both continents will lose in terms of less or more expensive coverage. We are also very pleased that CEIOPS recognized the need to consider a transitional period, timing and a qualified equivalence finding until certain reforms are put in place in the U.S.”
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