On 5 May 2011, the European Commission published a summary of responses to its consultation on the level 2 implementing measures for the Solvency II directive (please click here for a link to the summary).
The responses show that stakeholders’ main concerns about the implementation of the new regime relate to the following issues: the impact on long-term products; volatility and pro-cyclicality; proportionality and limiting the reporting burden; and the need for transitional measures in certain areas.
The Commission Services’ impact assessment on the Solvency II level 2 implementing measures, expected in late 2011, will now focus on policy issues relating to the concerns highlighted above and the issues highlighted by the fifth quantitative assessment (“QIS5“), published by the FSA in March 2011 (please click here for a link to QIS5).
