European insurers call for Solvency II non-compliance fines
European insurers would like to see the European Insurance and Occupational Pensions Authority fining regulators where Solvency II is not applied equally across the European Union.
This is one of the key findings of The Effects of Solvency II, a White Paper publish today by Post Europe, in association with Atos Origin.
The research found insurers are concerned the regulators will not apply the regulations equally across the European Union, potentially reducing the benefits they are looking to harness by investing time, effort and money in compliance. Differing resources and different regulatory systems currently were cited as reasons for this and many respondents said they would like to see "EIOPA wielding its regulatory power where necessary, stepping in to adjudicate or even fining national regulators that do not apply the rules as stringently as their European Union neighbours".
Other concerns included a shortage of resources, which is an issue for both insurers and regulators, and uncertainty over the degree of fluidity that exists around some of the rules, especially uncertainty on the final calibrations of the standard formula and guidelines on the own risk and solvency assessment.
The research was conducted during January and February and representatives from the top European insurance companies took part including Achmea, Amlin, Aegon, Assurant Solutions, Barbican Insurance, Markel International, Munich Re, Wesleyan Assurance Society and Zurich.
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