Ceiops “undermining” principles of Solvency II

UK and European insurers have penned strongly-worded objections to Ceiops over its apparent change in direction at a crucial stage of the Solvency II project. Insurers, responding to the second round of consultation papers on Level 2 implementing measures released by Ceiops in July, said the proposals are out-of-line with previous work, including fundamentals established under the quantitative impact studies, and the basic principles agreed for the framework directive.