The Solvency II Delegated Acts, which contain the rules for the implementation of the incoming directive, came into force on January 18, 2015.
Olav Jones, deputy director general of Insurance Europe, said: “The adoption of the Delegated Acts is an important, and very welcome, step forward in the implementation of Solvency II in 2016. Europe’s insurers play a vital role in providing protection and long-term savings products for Europe’s citizens and businesses.
“Solvency II can help ensure the European insurance industry remains strong and able to withstand extreme events, as it has over many years. Solvency II is, however, a huge piece of regulation and it is important that the review processes built into it are used to make a number of important refinements and improvements, particularly regarding unnecessarily high capital charges for long-term investments which are crucial to European economic growth.
“We welcome the letter sent by Parliament which raises some of the same issues that we had indicated would need improvement and follow-up.”
Solvency II, Olav Jones, Insurance Europe, Europe