Interested in 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 harmonization 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 will replace these requirements via a fundamental review and thorough enhancement of the current solvency and risk management standards.
For a better understanding of the importance of the project, Karel Van Hulle, head of the European Commission’s insurance and pension unit, and architect of the Solvency II project explains in the following video the initiative and what is means for the (European) insurance sector.
See also Karel Van Hulle on SII
Lieve Lowet, partner of ICODA European Affairs and Solvency II expert, has been involved in the Solvency II project since its early stages. The Solvency II project is a multi-layered legislative project, consisting of 3 levels of sources of law: a Level 1 layer with the core directive, which is a framework directive, enshrining the basic principles (currently in the process of being updated via Omnibus II), a Level 2 layer with the implementing legislation and a final Level 3 layer composed of interpretative guidelines and recommendations issued by EIOPA (European Insurance and Occupational Pensions Authority), the new European insurances supervisory authority.
Besides extensive monitoring, advising and selective lobbying in the SII arena, Lieve Lowet started a compilation of all Solvency II texts given the multitude and complexity of current and future sources. This compilation is available in English, French, Dutch and German, in an easy to use, easy to carry and research e-book version as well as in a light-weight paper version. This has been made possible thanks to collaboration between Lieve Lowet and Knopspublishing. To order now click here.