The European insurance industry sees the planned revision of the Solvency II delegated regulation as an opportunity “to address excessive conservatism and volatility in the prudential framework” in the EU. A public consultation launched on 18 July by the European Commission on this revision will close on Friday 5 September.
“The Solvency II review is a test of the EU’s growth and competitiveness ambitions. European insurers want to contribute to achieving them, but compared to countries such as the US and Japan, they are required to hold significantly higher capital buffers. Solvency II calibrated adequately could unleash billions more into Europe’s economy and maintain very high levels of policyholder protection”, said Angus Scorgie, head of prudential regulation at Insurance Europe, at the end of July.
The Commission is specifically seeking feedback on proposed changes to the technical rules governing: the valuation of insurers’ liabilities, the calculation of solvency requirements, reporting and transparency obligations, group supervision and other related areas (see EUROPE 13684/32).
Link to the European Commission’s consultation portal: https://aeur.eu/f/i52 (Original version in French by Bernard Denuit)