EFAMA KPMG Solvency II Report

4 WORKING GROUP FINDINGS | 51
Recently, pressure has been mounting on the Commission on the issue of granting
equivalence, with the suggestion by some insurers that they would move their
holding company outside of the EU in case equivalence would not be granted to
the US. Such a move would remove all non-EU-based activities from the scope of
Solvency II requirements.
However, the idea of international regulatory convergence has recently gained
momentum, with the International Association of Insurance Supervisors (IAIS) having
endorsed their Insurance Core Principles (ICP) at their annual conference in Seoul on
October 1, 2011. These new ICPs herald a new regulatory environment for insurers
and supervisors, essentially requiring supervisory regimes worldwide to establish
risk-based solvency requirements, which may, in time, level the playing fi eld.
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