CEA sets out Solvency II arguments

The framework directive for Solvency II leaves too much room for member states to diverge in their implementation of the rules, according to the Comité Européen des Assurances (CEA). One of the first to submit an official response to the framework directive published in July this year, the CEA said it is “concerned by the wide-ranging and open-ended nature of the powers available to supervisors and the potential lack of harmonization on some aspects of the current proposal”. Supervisory requirements must be proportionate and harmonized, the CEA said, and while supervisors should be given the powers they need these should not be “excessive”.