European Commission Inaction Is Putting The EU’s Insurance Market At Risk

European flags fly in front of the Berlaymont building, named after the Convent of the Ladies of Berlaymont, which houses the headquarters of the European Commission on May 16, 2023, in Brussels, Belgium. OMAR HAVANA/BRUSSELS REPORT

The consensus in a series of papers produced for an Eurofi Seminar in February 2022 was that Solvency II – the prudential regime for insurance and reinsurance undertakings in the EU – has by and large worked well. 

One contributor referred to Solvency II as the “gold standard of insurance regulation”. A paper by the Chairperson of the European Insurance and Occupational Pensions Authority (EIOPA), “the heart of insurance and occupational pensions supervision in the EU” concluded that Solvency II “is definitely an effective framework”.