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Directive 2009/138/EC – also known as Solvency II – sets out the prudential regulatory framework for the insurance sector in the EU. The framework aims to establish the single market for insurance services further, while strengthening policyholders' proteBriefing - Proposal amending the Solvency II Directive - 10-04-2024
Directive 2009/138/EC – also known as Solvency II – sets out the prudential regulatory framework for the insurance sector in the EU. The framework aims to establish the single market for insurance services further, while strengthening policyholders' protection. On 22 September 2021, the European Commission tabled a proposal for a directive that would amend Solvency II in essentially three ways: i) lowering regulatory obligations on small and low-risk profile insurance companies, ii) taking into account long-term and climate change risks, and iii) enhancing group-level and cross-border supervision. In the European Parliament, the Committee on Economic and Monetary Affairs (ECON) was assigned the file on 22 November 2021, with Markus Ferber (EPP, Germany) as rapporteur. After Council and Parliament reached a provisional agreement on the text in December 2023, the ECON committee approved it on 29 January 2024. Parliament is set to vote on the adoption of the text at its April II plenary session, and the Council will put the text to the vote as well. Once adopted, the text will be signed by the co-legislators and published in the Official Journal. Third edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure. Source : © European Union, 2024 - EP Read more
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