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Editorial
The academic Gregorio Robles, once again appears in these pages to continue the job of explaining the “European labyrinth”. This time, he will be outlining the structure and operation of the Court of Justice of the European Union or the “Luxembourg Court”, the most notable feature of which is its monopoly on the interpretation of Community law, which means that it has the last word on the scope definition of any European provision. His article will be of great interest to citizens of the Old Continent and will also serve as a legal reference for other communities.
Solvency II is proving to be an endless subject of analysis. From these pages, an attempt will be made to trace its development up to its entry into force, bringing the views of people authorised by their participation in the process or by their profound knowledge of the environment in which that development is taking place. State Insurance Inspector Joaquín Melgarejo discusses at length the qualitative aspects of Pillar II and the Own Risk and Solvency Assessment or “ORSA”. The author thinks that the ORSA will make possible the assessment of the future viability of insurance companies by considering their own business strategies, but also points out that its calculation methodology has not yet been specified. This constitutes an additional challenge on the tortuous road to regulation of the insurance sector.
A passion for science and war against ignorance is how Professor Manuel Toharia’s career could be described. Since he began working in the audiovisual media in the 1970s, he has ceaselessly pursued the job of communicating, popularising and promoting research. Today, as Science Director of Valencia’s “City of Arts and Sciences Complex”, he encourages us to pursue the whole culture of citizenship and calls for it to be promoted by public authorities and private initiative alike.
Pilar González de Frutos is a benchmark in the Spanish and European insurance markets. In the first few issues of our publication she dealt with us from the Directorate-General for Insurance. Now she does so as President of UNESPA, the Spanish association for companies of the insurance and reinsurance sector. We focus on her thoughts about pension systems and other related aspects. With the clarity typical of someone who continues to work passionately to develop the Spanish, European and Latin American insurance sectors, she speaks optimistically about advancing and consolidating a sustainable future for our society. Insurance is a fundamental part of this development.