Solvency II stays on track

Charlie McCreevy, European Commissioner for Internal Market, recently addressed the EUROFI conference on cross-border supervision of insurance and banking groups. In this extract, Mr McCreevy discusses the progress of Solvency II, the breakthrough on group supervision proposals, his commitment to the group support regime and how Solvency II will put EU supervision of insurance regulation ahead of the rest of the world

Since the Commission adopted its Proposal for a Framework Directive on Solvency II in July last year, discussions have progressed in both the Council and the European Parliament at an impressive pace. Clearly, our ambitious proposals for a streamlined system for the supervision of insurance and reinsurance groups are at the very heart of the intensive ongoing negotiations.