17/06/2022 (Agence Europe) – The Ecofin Council, which met on Friday 17 June, agreed its position (general approach) today with regard to amendments to the ‘Solvency II’ Directive regulating the insurance sector (see EUROPE 12971/18). This revision will make the sector more resilient and stabilise insures’ capital requirements. The Council has emphasised that the insurance and reinsurance sector can provide private sources of financing for European companies. ‘Solvency II’ should thus contribute to the achievement of the Capital Markets Union and to the financing of the green and digital transitions. In its position, the Council has taken into account the specificities of the national insurance sectors in terms of capital requirements. It has also sought to strike the right balance by reducing the administrative burden on insurers. (AD)