The EU should not go down the ‘twin peaks’ model of financial regulation being introduced in the UK, Europe’s top insurance regulator has warned.

European Insurance and Occupational Pensions Authority (Eiopa) executive director Carlos Montalvo told yesterday’s ABI conference that the EU needed a regulator focused on insurance issues. He said: “The amount of time dedicated to insurance problems by our political masters is 2-4% of the time dedicated to banking.”

And responding to comments last week by EU internal markets commissioner Michel Barnier that the Solvency II directive might be given a ‘soft launch’, he insisted that Solvency II would implemented on schedule on 1 January 2013.

“Omnibus II will put in place a lot of transitionals but it will not result in a delay," he said

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