European Committee First Quarter Update 2011
Summary
This European First Quarter Update 2011 can be viewed by clicking on the attachments on the right.
Due to a technical problem the earlier advice for this update contained old attachments. Please accept our apologies.
Overview
This quarter has seen the publication of the Omnibus 2 proposed in January. The political implications of this for Solvency II have yet to emerge fully. Meanwhile, the 1 January 2013 timetable looks tight. Major efforts by industry lobbyists are on track to improve the level 2 text, particularly for long-term products and EPIFP.
The Test Achats judgement on 1 March removed the important risk factor of gender. Despite Commissioner Reding’s view, consumers will be worse off. Actually, the outcome could have been much worse. There were no retrospective effects, and the industry attained two years to sort out the consequences. The Secretariat is leading efforts to clarify complexities following the judgement on contracts that continue after December 2012, and exploring issues on indirect discrimination and medical conditions.