Romanian insurance industry consulted and informed concerning Solvency II
Local insurance industry representatives participated on 23rd of April at
a QIS4 workshop organized in Bucharest by the Comitee Europeen des Assurances
(CEA) and UNSAR (The National Association of Insurance and Reinsurance Companies
from Romania) being at the same time informed and consulted over the future
introduction of Solvency II.
QIS4 is a quantitative impact study carried by CEIOPS (Committee of European
Insurance and Occupational Pensions Supervisors) and dedicated to the introduction
of the European Directive, realized as a regional workshop.
"This is the first workshop in Romania organized by CEA", Florentina
ALMAJANU, General Manager of UNSAR has declared with this occasion.
The importance of the workshop in Bucharest is even bigger as QIS4 has all
the chances to be the last quantitative impact study before CEIOPS will
conceive the final point of view in order to advise the European Parliament
and the European Union Council with regard to the adoption of Solvency II.
The workshop enjoyed the participation of many CEA and CE representatives
who carried a technical aspects based dialogue with the local insurance
market officials.
The European Commission specified it would want at least as 25% of the European
insurance and reinsurance companies and at least 60% of the European insurance
groups to participate at QIS4.
In order to facilitate decisions regarding the application measures of Solvency
II regulations, CEIOPS was asked to wind off these quantitative impact studies.
The forth study in this series, QIS4, will take place between April and
July 2008, followed by a report made by CEIOPS with all the results and
conclusions driven by these workshops that will be published in November
20083
The official calendar for Solvency II introduction provides that the Directive
will be embraced by the European Parliament and the European Union Commission
in 2009 and integrated in the member states legislation by 2012.
Published on 23.04.2008
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