The European Insurance and Occupational Pensions Authority (EIOPA) has told its annual conference that consistency in regulation was its biggest challenge. Conference participants said they had found this consistency is still sorely lacking between insurance and pensions; banking, solvency and prudential regulation; and customer treatment.
"The biggest challenge for all of us is consistency of regulatory practice. We need a single rulebook. It is the biggest challenge for the next five years," said Gabriel Bernardino, chairman of EIOPA.
Equivalence
The issue of consistency has arisen in Solvency II equivalence, for which Bermuda is currently undergoing assessment. Jeremy Cox, chief executive officer at the Bermuda Monetary Authority, said: "From the Bermudian perspective, we are requiring an insurance regime for our unique market, while also recognising there are global expectations. We would have expected the equivalence process to have finished by now, but unfortunately it’s
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