Modernisation of Insurance: Commission hosts conference on the review of the Solvency II directive
The Commission is today hosting a conference to discuss the challenges and opportunities of the upcoming review of the Solvency II Directive. This review is scheduled to begin in the second half of 2020 on the basis of advice expected to be put forward by the European Insurance and Occupational Pensions Authority (EIOPA), by the end of June 2020. Today’s conference will welcome experts from the insurance industry and supervisory community, as well as from the European Parliament and civil society. Executive Vice-President Valdis Dombrovskis said:“Europe’s strong and vibrant insurance businesses are among one of the largest investors in our economy. They help us to manage some of the risks that we face in today’s uncertain economic climate and to provide vital long-term financing. So Solvency II must be fit for purpose in all economic environments and help insurers to tackle future challenges. That is the reason for its review.” The conference will also aim to open up a balanced debate on how to secure an adequate level of policyholder protection while avoiding risks for financial stability, in view of enhancing credibility, trust and stability in the single market for insurance. The conference is broadcast live here.