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Solvency 2: cordial disagreement

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Solvency 2 Day organized by the FFSA met representatives of the Commission and the European Parliament and CEIOPS and insurers. The opportunity to measure directly the persistent disagreements.

"Beware of the Peter Pan syndrome, insurers must pass into adulthood," Karen Van Hulle, Head of Unit Insurance and Pensions in the European Commission, does not mince words. Guests under the first annual conference on Solvency 2 organized by the FFSA Thursday, December 3, he returned to the insurers’ opposition to the draft opinion recently rendered by CEIOPS. "Insurers should put hands on whether they consider that it will not. Sizing will run faster with numbers than words, that the industry gives us the numbers! ".

This position does not satisfy the insurers, who have benefited from this day to repeat loudly and all the evil they think the current direction of Solvency 2. Allianz SE and Axa have demonstrated the complexity and magnitude of construction for large groups. Eric Lombard, CEO BNP Paribas Insurance and chairman of the bancassurance group, stressed the huge cost (of the order of several million euros for small and tens of millions of euros for large groups). He asked what the respective roles of the different national supervisory authorities are clarified, particularly as regards the internal model validation.

Very recovered, the chief financial officer Groupama, Helman Le Pas de Sécheval, worked to dismantle the very principles of Solvency 2, "modern vision exclusively financial and short-term approach" of steering a company …

CEIOPS, the voice of a new president Gabriel Bernardino, has nevertheless tried reassuring, especially on draft opinion, which had set fire to the powder, whereas they are not final and that, Beyond constructive dialogue with industry, stage QIS5 2010 will be decisive.

The calendar remains a source of disagreement between CEIOPS and insurers. "Beware the hyper precipitation, warned Bernard Spitz, president of the FFSA. It takes time to measure the impact on businesses, even prolong the time a few months. " But for CEIOPS, keep the schedule is a priority.