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Views on EIOPA’s Solvency II holistic impact assessment

Insurance Europe has submitted a paper to the European Commission setting out its views on the holistic impact assessment exercise carried out by the European Insurance and Occupational Pensions Authority (EIOPA) between March and June 2020 to inform its technical advice on the 2020 review of the Solvency II regulatory framework.

In its submission to the Commission, Insurance Europe welcomes EIOPA’s impact assessment exercise and provides detailed comments on specific EIOPA proposals. It argues that the Solvency II regime is unnecessarily conservative and that a net reduction in aggregate capital levels is justified, rather than EIOPA’s aim to achieve a “balanced outcome” from the 2020 review.

The EC is due to start a public consultation on the Solvency II review on 1 July and EIOPA is due to deliver its advice on the review to the EC by the end of the year.

Published 24 June 2020