All that said, in my view, the benefits of moving ahead with Solvency II outweigh the costs and risks of retaining the existing EU framework and the development of a myriad of competing national regimes. That way means fragmentation of the single market and, in the long run, increased costs for international insurance companies and their customers.
As you know, there is a protracted delay in concluding negotiations on the Omnibus II directive, which is the last piece of the legislative jigsaw before Solvency II itself comes into force and with it the necessary pieces of level II technical standards and guidance. This protracted delay is a source of considerable concern to regulators and industry alike.