Brussels, 04/01/2016 (Agence Europe) - On Monday 4 January, the European Commission welcomed the entry into force, with the new year, of the directive 'Solvency II' (2009/138) bringing in risk-based prudential rules for the insurance sector.
Jonathan Hill, the European commissioner for financial services, welcomed the move and reiterated that changes had been proposed to this directive to make investing in infrastructure more attractive to insurers.
The legislative package aims to improve the balance of the capital requirements imposed on the insurance industry on the basis of the financial risks it takes. Amongst other things, contra-cyclical measures have been brought into limit excess stock exchange volatility so that life assurance companies are able to continue to offer long-term investment products. These measures, which have been adapted to the specific nature of the major national markets, will allow the industry to reduce its own funds requirements. (Original version in French by Elodie Lamer)