Solvency II
The rationale for EU insurance legislation is to facilitate the development of a Single Market for insurance whilst at the same time securing an adequate level of consumer protection. The third-generation Insurance Directives established a single license for insurers based on the concept of minimum harmonisation and mutual recognition. Many Member States concluded that the EU’s minimum requirements were not sufficient and implemented their own reforms, thus leading to a situation where there was a patchwork of regulatory requirements across the EU. The new Solvency II rules have replaced these requirements and done a fundamental review of solvency and risk management standards.
On 24 November 2010 the European Commission published its consultation paper on the Level 2 implementing measures for Directive Solvency II. It sought in this consultation more views on the potential impact the implementation measures could have on pricing, design and availability of insurance products, the corresponding effects for consumers and the wider social or economic impacts. The consultation closed on 26 January 2011.
After consulting its member associations, BIPAR submitted its response to the Commission’s consultation.
Commission's consultation paper - Annex 1 - Annex 2
