Post by account_disabled on Mar 5, 2024 6:50:03 GMT
There are many changes that, for insurance companies and companies in the insurance sector, insured parties and Member States, the entry into force of the Solvency II Directive implies . It is necessary to gain perspective, comparing with the regime established by Solvency I. To keep track of assets and liabilities , Solvency II will use economic principles inspired by the Basel II regulations , applicable in the banking sector. Capital requirements will depend on the measurement of risk, gaining consistency. Thus, while the Solvency I Directive had the ultimate objective of carrying out a review of the EU solvency regime and updating it, Solvency II has a much broader scope. solvency ii directive Photo credits: "Difference" by Carlos Porto Solvency II: European supervision and solvency directive Since the European Commission established a permanent committee in November 2003 to study and draft a new proposal for regulation of the insurance and reinsurance sector, insurance companies have witnessed a gradual.
Transformation of the regulatory context in the which had traditionally been developing its entrepreneurial and business activity, since the Solvency I Directive was introduced in 1973 (the first step towards community regulation of risk management in the sector). After successive extensions and adaptation periods, the date established for the full entry into force of Solvency II (or Directive 2009/138/EC), was definitively set for January 1, 2016 by the complementary Omnibus II directive, of January 11. March 2014. SolvencyII Directive The sector's criticism of the Chile Mobile Number List Solvency II Directive As we said, the adaptation period initially planned has been repeatedly extended, mainly due to requests from Member States and representatives of the insurance and reinsurance sector. A sector that even today, just a few months after the full entry into force of the new Directive, continues to be critical regarding the benefits expected from its implementation , fearing that the contribution of insurance and reinsurance companies to the European economy will be affected. seriously affected. The main arguments put forward to question the convenience of the new regulations (or some of its aspects) are, firstly, that the economic effort allocated to adapting to Solvency II is expected to be close to 4 billion euros (according to estimates by the European Commission), and secondly that the capital requirements imposed by the new directive may, according to sources in the sector, discourage investments.
On the other hand, the EC itself responds to the first of these reasons by alleging that any sector must be subject to regulations that guarantee maximum security and solvency in its financial operations - even more so that of insurance and reinsurance, before which users are especially vulnerable —, and that the calculated figure represents nothing more than a small investment in the interest of modernizing a sector that handles premiums exceeding one billion euros annually . Regarding the incentive for long-term investments, the European Commission remains optimistic, ensuring that it will motivate long-term investments of greater security and quality , in addition to reporting great benefits to companies and consumers: the former, because they will have the unique opportunity to modernize and improve its competitiveness ; the latter, because they will enjoy a more competitive market (with better prices ), more regulated and with greater transparency . Be that as it may, it seems that there is no turning back: in a few months, Solvency II will be in full force, and Member States are busy finalizing preparations to welcome its arrival, now imminent.
Transformation of the regulatory context in the which had traditionally been developing its entrepreneurial and business activity, since the Solvency I Directive was introduced in 1973 (the first step towards community regulation of risk management in the sector). After successive extensions and adaptation periods, the date established for the full entry into force of Solvency II (or Directive 2009/138/EC), was definitively set for January 1, 2016 by the complementary Omnibus II directive, of January 11. March 2014. SolvencyII Directive The sector's criticism of the Chile Mobile Number List Solvency II Directive As we said, the adaptation period initially planned has been repeatedly extended, mainly due to requests from Member States and representatives of the insurance and reinsurance sector. A sector that even today, just a few months after the full entry into force of the new Directive, continues to be critical regarding the benefits expected from its implementation , fearing that the contribution of insurance and reinsurance companies to the European economy will be affected. seriously affected. The main arguments put forward to question the convenience of the new regulations (or some of its aspects) are, firstly, that the economic effort allocated to adapting to Solvency II is expected to be close to 4 billion euros (according to estimates by the European Commission), and secondly that the capital requirements imposed by the new directive may, according to sources in the sector, discourage investments.
On the other hand, the EC itself responds to the first of these reasons by alleging that any sector must be subject to regulations that guarantee maximum security and solvency in its financial operations - even more so that of insurance and reinsurance, before which users are especially vulnerable —, and that the calculated figure represents nothing more than a small investment in the interest of modernizing a sector that handles premiums exceeding one billion euros annually . Regarding the incentive for long-term investments, the European Commission remains optimistic, ensuring that it will motivate long-term investments of greater security and quality , in addition to reporting great benefits to companies and consumers: the former, because they will have the unique opportunity to modernize and improve its competitiveness ; the latter, because they will enjoy a more competitive market (with better prices ), more regulated and with greater transparency . Be that as it may, it seems that there is no turning back: in a few months, Solvency II will be in full force, and Member States are busy finalizing preparations to welcome its arrival, now imminent.