“Solvency II – Ready, steady, go!” Conference

The President of the Financial Supervisory Authority (ASF), Mr. Mișu Negrițoiu, participated, as speaker, in the Conference “Solvency II – Ready, steady, go!”, organized in Frankfurt by the European Insurance and Occupational Pensions Authority (EIOPA) in order to mark the beginning of the implementation stage of the new risk management standards for the insurance industry in the European Union area.

In this conference, Mr. Mișu Negrițoiu said:

“There is a temptation to focus attention on the most complex issues concerning capital requirements (of Pillar 1) or the new risk self-assessment system (of Pillar 2), but we must not forget Pillar 3 which actually represents the convergence of all constitutive elements of the package Solvency II and enhances transparency. Far from being merely a question of IT capabilities, Pillar 3 will represent the mirror by which insurers will be treated and evaluated both by supervisors, investors and consumers”, said Mr. Mișu Negrițoiu.

Around 150 delegates from the insurance industry, undertakings and supervisory authorities, experts from EU institutions, as well as representatives of consumers’ associations participated in the EIOPA Conference. We mention Andrew Candland, Head of Oversight Unit, EIOPA, Charlotte Paterson, Head Governmental Affairs Europe, Swiss Re, Louisa Renoux, Head of Risk Management, Fédération nationale de la Mutualité Française, France and Lucilla Grossi, Deputy Head, Regulation and Supervisory Policies Department, Istituto per la Vigilanza sulle Assicurazioni, Italy.

A month ago, the entry into force of the European regulatory framework in the insurance field was marked in Bucharest by the Conference “The new Solvency II supervisory regime – for strong and credible insurance” that was organized by the National Union of Insurance Undertakings of Romania under the aegis of ASF.