Karel Van Hulle, Head of the Insurance and Pensions Unit in the EU Commission visited Guernsey on Friday 18 December to make a presentation to representatives of the local insurance industry. The presentation which was entitled “Solvency II: State of Play” provided an update on the development of insurer solvency regulation in the EU and its impact on non-EU – ‘third country’ – jurisdictions such as Guernsey.
The following comments were made by some of the attendees:
“Karel Van Hulle's presentation on the development of Solvency II gave an insightful overview of the progress towards the implementation of the Solvency II requirements for insurance companies across the whole of the European Union on 1 October 2012 and the implications for insurers outside the EU in territories such as Guernsey. This was a highly relevant introduction to us at BWCI as we plan ahead with our clients as to how best to address Solvency II issues and in considering whether and, if so how, the Solvency II Equivalence Regime might be introduced into Guernsey. Karel proved to be both an expert and an entertaining speaker and we were delighted that the Commission was able to secure such a senior advisor to the European Commission to speak to us”. (Stephen Ainsworth, BWCI Group)
“Solvency II is rapidly evolving and it is essential that Guernsey's regulation shall retain equivalent status with the final proposals within the EU. We are therefore grateful to the GFSC for arranging the highly informative presentation by the EU's leading authority on this subject.” (Greg Whiteman, ABB Insurance)
"It was pleasing to know that someone so important and knowledgeable in the field of Solvency II was prepared to battle the extreme weather conditions to come to a "third country" and spare some of his valuable time. We now have a much clearer idea of the challenges and opportunities that Solvency II presents for all those involved with European insurers and reinsurers." (Rob Fletcher, Aon Insurance Managers)
Nik van Leuven, Director General of the Guernsey Financial Services Commission commented:
“I was delighted, and the Commission are proud, to have been instrumental in securing a visit to Guernsey by Karel Van Hulle, who spoke reassuringly to both industry representatives and Commission staff on the Solvency II measures which will set global standards in aspects of insurance regulation. Insurance is a significant component of Guernsey’s financial services sector, and we cannot afford not to ensure that Guernsey’s regulatory standards remain of the highest.”
A copy of the presentation is available here.