General Insurance Article - Groupe Consultatif welcomes EIOPA report on LTGA

 The publication by EIOPA of its Report on Technical Findings on the Long-Term Guarantees Assessment, testing how Solvency II could impact on insurance liabilities and capital adequacy in various markets with long-term guarantees, is welcomed by the Groupe Consultatif.

 The Groupe Consultatif represents European actuaries who, among other things, are heavily involved in the management of risks faced by insurers and groups offering long-term guarantees to their customers. The Groupe Consultatif is committed to seeing the adoption of Solvency II, as a risk based forward looking supervisory framework essential to ensure soundness of the financial system and protect policyholders.

 “In the Groupe Consultatif we are particularly interested in how market-consistency principles, cited in the 2009 Directive, can be reconciled with the practicality of bringing in a new Pillar 1 regime without further long delay”, said David Paul, the Groupe Consultatif’s Solvency II Project co-Manager.

 With the publication of the report, the EU is one step closer in the process to finalising the Solvency II dossier, a process that the Groupe Consultatif has contributed to continuously in the past.

 “The Groupe Consultatif now plans to study and analyse carefully the conclusions covered in EIOPA’s Report, and will in the months ahead be ready and pleased to work with the Commission, EIOPA, the European Parliament and other stakeholders to help bring the Solvency II legislation to its successful conclusion”,