Members of the EIOPA's Board of Supervisors and EIOPA's Chair Gabriel Bernardino signed Coordination Arrangements for all Colleges of supervisors of insurance groups with internal models. These arrangements are important for the successful introduction of Solvency II, because they lay the basis for future cooperation within colleges including their decision making procedures.
Solvency II is a huge step forward for the single market. But good regulation remains just a first step. The real challenge will be to ensure that Solvency II is implemented in a consistent way throughout the EU. EIOPA is instrumental in delivering the desired outcomes and since 2013 EIOPA started to refocus its strategic approach in the insurance area from regulation to supervision. Colleges of supervisors, being platforms to enhance the supervision of cross-border insurance and re-insurance groups, are instrumental to the shift from regulation to supervision.