18.08.2015 – “It is a huge step forward for policyholder protection and for the implementation of a true single market in the EU.” Eiopa’s chief, Gabriel Bernadino explains in the summer interview with VWheute the refocus of Eiopa’s approach in the insurance area from regulation to supervision. He highlights Eiopa’s participation in colleges of supervisors.
VWheute: What are your personal and business goals for the rest of the year?
Gabriel Bernadino: This year, Solvency II remains the top priority for me and for Eiopa. It is a huge step forward for policyholder protection and for the implementation of a true single market in the EU. My goal is to ensure a successful transition to the new regulatory regime, which enters into force on 1 January 2016.
The end of this year does not mean that Solvency II will stop being our high priority. I see Eiopa’s main responsibility in developing a European supervisory culture that can ensure a consistent implementation of Solvency II throughout the EU. This is why we started to refocus our strategic approach in the insurance area from regulation to supervision. We put emphasis on Eiopa’s participation in colleges of supervisors.
We set up the Centre of Expertise in internal models that contributes to the development of new tools and practices in the area of internal models. We also created last year a Supervisory Oversight team with the aim to provide independent and challenging feedback on supervisory practices. Since then the team already conducted around 20 bilateral visits to different national supervisory authorities. It also steered the balance sheet review and stress test of the Romanian insurance companies which proved to be an important step towards enhancing consumer protection and increasing confidence in the Romanian insurance sector.
VWheute: Where did you spend your vacation or how do you plan to spend your vacation?
Gabriel Bernadino: Since I moved to Frankfurt in 2011, it became a good tradition for me to go back to Portugal during the summer break. It is not only about enjoying the sea and the sun that I sometimes miss here. It is also about enjoying the country side and keeping a close eye on the inherited family farm business that specializes on the production of pears.
Questions by VWheute-Editor David Gorr.
Picture: Gabriel Bernadino (Source: VWheute)