CEIOPS says initiative with give stability to insurers

A leading figure in European insurance regulation has laid out a year-long timetable for insurers to prepare for Solvency II.

Secretary-general of the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) Carlos Rebuelta said it was a “great initiative” that would help strengthen the financial stability of European insurers.

Rebuelta said the European Commission would send out a fresh set of consultation papers on stage two early next month, including advice on how insurers should implement Solvency II.

The implementation advice would be thrashed out by the European institutions early next year, before being finalised in October.

He said insurers would have ample time to implement Solvency II by October 2012, the final deadline.

Rebuelta said the European Commission had received 30,000 comments from insurers from previous consultations.