In a position paper published at the beginning of April, the European Federation of the Insurance Industry (Insurance Europe) calls for a simplification of the ‘retail financial investments’ legislative package, which is the subject of negotiations between the European Parliament and the Council of the European Union. It is opposed to an increase in regulatory obligations which, in its view, would unnecessarily complicate the ‘consumer journey’ and slow down innovation.
In particular, the insurance industry is calling for benchmarks to be strictly reserved for the supervisory authorities, rejecting the introduction of new reporting obligations and calling for the removal of the test on incentives. Insurance Europe also insists on the need to reduce pre-contractual information obligations, which it considers excessive.
The federation is also calling for the authorities to focus their efforts on targeted supervision, rather than burdening the EU regulatory framework with the European Commission’s level 2 technical rules, which are seen as too rigid and ill-suited to market realities.
The European Parliament and the Council of the EU have given the European Commission six weeks to come up with proposals for simplification in all areas, particularly with regard to value for money, reporting, and the customer journey (see EUROPE 13602/21).
See the position paper: https://aeur.eu/f/gb6 (Original version in French by Bernard Denuit)