Industry fears Eiopa could “over-engineer” Solvency II
Insurers wary of new European standard setter’s legal powers
The granting of legal powers to the newly created European Insurance and Occupational Pensions Authority (Eiopa) – as opposed to the purely advisory status of its predecessor the Committee of European Insurance and Occupational Pension Supervisors (Ceiops) – has prompted industry fears of an "over-engineered" Solvency II directive.
Eiopa was established on 1 January and will have the power to write regulations directly and take action to override national supervisors in emergency cross-border
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