European Parliament publishes solvency II review amendments

On Tuesday 2 August, the secretariat of the Committee on Economic and Financial Affairs (ECON) in the European Parliament published three amendment reports. These reports contain all the proposed amendments by MEPs from the ECON Committee to the earlier draft report by rapporteur Markus Ferber on the revision of the Solvency II Directive.

In total, the various MEPs tabled more than 600 amendments . These range from proposals for more far-reaching buffer capital requirements and reporting by insurers to proposals for capital relief and the deletion of certain articles from the Directive to reduce the administrative burden on insurers.

Both the Dutch Association of Insurers and Insurance Europe will use the coming weeks to carefully review the proposed amendments to see how they relate to the views and interests of Dutch insurers. Then, after the summer recess, the Alliance will contact a number of the MEPs concerned to inform them of the possible consequences of the various amendments.

A first discussion of the amendments within the ECON Committee, led by rapporteur Markus Ferber, is scheduled for 31 August. The final vote on a final position from the European Parliament is scheduled for 1 December 2022. Until then, several MEPs are trying to agree among themselves on which of the proposed amendments should be included in the final parliamentary position. The Dutch Association of Insurers keeps a finger on the pulse throughout this period and, where possible, contacts the parliamentarians concerned to clarify the perspective of the insurance sector.

The European Commission published its proposal for the revision of Solvency II in September 2021. In July 2022, the Council, in which all European member states are represented, reached an agreement on their common position. After the European Parliament has also taken a final position, the Council and the European Parliament are jointly negotiating the final text of the revision. An agreement on this is expected at the earliest in mid-2023, after which the revision is expected to enter into force from the end of 2024.

For more background information read also: European Parliament next year to take the lead in the important revision of Solvency II (verzekeraars.nl)