01/02/2007 (Agence Europe) - The Commission has opened until 23 March 2007 an on-line consultation on the impact of the future “Solvency II” directive. Policy holders, industry, financial rating companies, and national regulators and auditors are invited to participate. Announced for July 2007 by Internal Market Commissioner McCreevy during the conference of the European committee on insurance end 2006, the Commission's proposal for a directive will be accompanied by a qualitative and quantitative impact study. The Solvency II approach is the insurance companies' equivalent to the “Basel II” approach for the banking sector (see EUROPE 9038 and 8844). It is based on three pillars: the definition of quantitative obligations on adequacy of own funds, risk management and the publication of information in support of good financial management. See: http: //ec.europa.eu/yourvoice/ipm/forms/dispatch?form-solvency2 (mb)