Insurance Ireland hosts 7th Brussels Roundtable – the ongoing Solvency II review needs to facilitate a sustainable recovery of the EU
Today 2nd December 2020, Insurance Ireland hosted the 7th edition of its Brussels Roundtables. The format brings together policymakers, dedicated Europeans and practitioners to discuss political initiatives which will impact the European and Irish insurance industry.
Today’s discussion focused on objectives for the review of the common European prudential supervisory framework for insurers, Solvency II. We were delighted that MEP Frances Fitzgerald, John Berrigan (Director General, European Commission DG FISMA) and Stephen Devine (CEO, SCOR Global Life Ireland) kicked-off the discussion with their contributions. Over 80 participants engaged in an open discussion on the aims and objectives of the ongoing review of the Solvency II framework. Participants expressed the need that the review facilitates the economic recovery of the EU and its twin-transition towards a sustainable and digital union. A stronger regulatory convergence, a consistent and proportionate application of the regime and ensuring that EU insurers can compete at global level were other prominently voiced aims of the process.
Notwithstanding the call for an ambitious review, participants agreed that the protection of EU consumers should remain the overarching objective of Solvency II. A more consistent effective and efficient Solvency II framework can achieve all these objectives.
Insurance Ireland and its members are committed to a Solvency II review which strengthens the EU marketplace, enabling insurers to play their role in providing cover to the economy and society and peace of mind to its customers.
The discussion had a great momentum. The European Commission has tasked the European Insurance and Occupational Pensions Authority (EIOPA) with providing its technical advice. The according report from EIOPA is expected by the end of the year.
Since Insurance Ireland established its office in Brussels, it regularly hosts its roundtables on ongoing regulatory initiatives, like Solvency II or sustainable finance, and wider economic or social aspects important to the industry, e.g. the future of work or diversity and inclusion