EIOPA Announces Primary Five-Year Strategic Objective

In a recent keynote speech, Chairman of EIOPA, Gabriel Bernardino, stated that supervisory convergence amongst National Competent Authorities ("NCAs") will be its primary strategic objective, in the wake of Solvency II implementation.

Given the current differences in supervisory cultures and practices between Member States, EIOPA will allow five years to co-ordinate the move towards more consistent and convergent supervision in the EU insurance market. EIOPA will work with NCAs during this time to eliminate the material differences in domestic supervisory models and pave the way towards a level playing field of policyholder protection.

Importantly, the announcement does not affect the current timelines for compliance by insurers with the applicable provisions of Solvency II.