Brussels, 19/01/2015 (Agence Europe) - The industry feels that changes need to be made to the European prudential rules to bring them into line with the reality of the European insurance sector.
The legislative package 'Solvency II' will help the industry to face financial crises, but the review processes it contains should serve to make “important refinements”, particularly regarding “unnecessarily high capital charges for long-term investments”, said Olav Jones of the organisation Insurance Europe, in a press release.
The delegated acts executing the legislative package 'Solvency II' entered into force on Sunday 18 January (see EUROPE 11229). In a letter to the European Commission, the economic and monetary affairs committee of the European Parliament argues that the implementation of these delegated acts should be assessed with the expertise of the European Insurance and Occupational Pensions Authority (EIOPA) so that adjustments can be made earlier than 2018, the date initially set. (MB)