somes

Objection to Solvency II Insurance Regulation

Summary

The European Parliament is moving to block a new regulation that sets rules for insurance and reinsurance companies. It argues the Commission ignored expert advice on risk levels, which could endanger financial stability.
10 17.12.2014
Other
finance
economy
legislative procedure
financial institutions and credit

Key points

  • The motion formally objects to a Commission regulation concerning the rules for insurance and reinsurance businesses.
  • There is significant concern that the Commission ignored technical advice provided by insurance and pension authorities.
  • The regulation uses lower risk factor calibrations than recommended, which could result in insurers not holding enough capital to cover risks.
  • The motion alleges that the Commission used political reasons rather than technical evidence to justify deviating from expert advice.
Documents (PDFs)
MOTION FOR A RESOLUTION on the Commission delegated regulation of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)
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