Treasury Committee publishes report on EU insurance regulation
The Treasury Select Committee has published its report on the Solvency II Directive – the harmonised EU-wide insurance regulatory scheme.
In response to the practical difficulties of the directive, the report recommends that the Prudential Regulation Authority (PRA) should have a pragmatic discussion with the insurance industry. This should focus on the scope for amendments and increased proportionality in the implementation of the directive.
As well as the PRA’s primary objectives, it has a secondary objective, which is to “facilitate effective competition”. The committee recommends that the Treasury should consider giving this objective equal primacy.
The report can be viewed at: bit.ly/2BEQsWj
The European Insurance and Occupational Pensions Authority (EIOPA) has published its report on the insurance
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The CII takes a look at what’s new on the policy and public affairs front this month