The European Commissioner for Financial Services and the Savings and Investment Union, Maria Albuquerque, indicated on Friday 24 October that amendments to the delegated regulation of the Solvency II Directive, which sets out the European prudential framework for insurers, would be adopted by the European Commission in the next few days.
“These amendments were developed in close consultation with EIOPA (European Insurance and Occupational Pensions Authority, editor’s note), Member States, the European Parliament, and were also subject to a broad public consultation (see EUROPE 13684/32)”, said Ms Albuquerque in a speech to the Italian National Association of Insurance Companies (ANIA).
These amendments are part of the Solvency II review. “We have seen that the prudential calibration of Solvency II may, in effect, discourage a broader allocation of capital towards the real economy. The Solvency II review seeks to address these concerns”, said the Commissioner.
At the beginning of September, the European insurers’ federation, Insurance Europe, took the view that the new technical rules envisaged by the Commission reflected neither the level of ambition set by the European co-legislator nor the Commission’s own political commitment to generating sustainable growth in the EU (see EUROPE 13703/14). (Original version in French by Bernard Denuit)