In his speech the chairman of EIOPA brings forward some personal reflections about the current challenges in revising the regulatory framework in the insurance area, namely IMD2 and Solvency II and points out at some strategic reflections on the way to achieve further consistency of EU regulation and supervision.
"I would like to start by thanking BIPAR for the invitation to speak to you today and for the opportunity to meet again with the representatives of EU intermediaries.
In my speech, I will bring forward some personal reflections about the current challenges in revising the regulatory framework in the insurance area, namely IMD2 and Solvency II and will finish by pointing out some strategic reflections on the way to achieve further consistency of EU regulation and supervision.
Let me start with IMD2.
The review of the Insurance Mediation Directive is very relevant for EIOPA, because this directive affects almost all our stakeholders. Intermediaries are, and will continue to be, a key link in the retail distribution chain. We recognise that at EIOPA, in the same way that we see protection of consumers as a fundamental goal for us and an
area where we are required to take a “leading role”. For us, intermediaries are an essential part of the insurance market and play a crucial role in consumer protection.
Therefore, we welcome the publication of the Commission’s proposal to recast the existing IMD (“IMD2”) in July 2012. I must say that it has certainly been a long time in the making ever since the review of IMD1 was first introduced into the Recitals of Solvency II by the European Parliament and then our predecessor, CEIOPS subsequently provided advice to the Commission on the Directive in 2010 with 39 different recommendations.
We support the Commission’s objectives of making retail insurance markets work better and promoting a more level playing field by, for example, extending the scope of the Directive to include direct sales. Indeed, preventing regulatory arbitrage and promoting equal conditions of competition are key objectives for EIOPA too. From EIOPA’s perspective, it is important that the final legislative text creates a regulatory regime in the retail insurance market that can be effectively supervised both from a national and a European perspective, bearing in mind the wide variety of existing structures at national level for supervising insurance distribution."
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