INSURERS CALL FOR STREAMLINED SOLVENCY II REPORTING

Responding to an EC consultation on the impact assessment of Solvency II, Europe’s insurers have called for the “simplifying and streamlining” of Solvency II reporting requirements. Insurance Europe said that it welcomed the impact assessment, including the objective of expanding and improving the application of proportionality in Solvency II. However, it said there is no need to harmonise insurance guarantee schemes, and that any new measures to address systemic risk should be limited to applying the IAIS holistic framework. Insurance Europe also stated that insurers do not support non risk-based reductions in capital requirements as incentives to address climate change.