Today's review also aims to make the insurance and reinsurance (i.e. insurance for insurance companies) sector more resilient so that it can weather future crises and better protect policyholders. Moreover, simplified and more proportionate rules will be introduced for certain smaller insurance companies.
The review consists of the following elements:
- a legislative proposal to amend the Solvency II Directive (Directive 2009/138/EC);
- a Communication on the review of the Solvency II Directive;
- a legislative proposal for a new Insurance Recovery and Resolution Directive.
Mairead McGuinness, Commissioner responsible for financial services, financial stability and Capital Markets Union said: “Today's proposal will help the insurance sector step up and play its full part in the EU economy. We are enabling investment in the recovery and beyond. And we're fostering the participation of insurance companies in the EU's capital markets, providing the long-term investment that is so vital for a sustainable future. Our growing Capital Markets Union is essential for our green and digital future. We're also paying close attention to the consumer perspective; policyholders can be reassured that they will be better protected in future if their insurer runs into difficulties.”
- Publication date
- 22 September 2021
- Directorate-General for Communication