< Regulars | 03.01.2018

Treasury Committee publishes report on EU insurance regulation

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

Share

Related articles

Move to end bogus holiday sickness claims

Move to end bogus holiday sickness claims

The Ministry of Justice has issued a call for evidence on holiday sickness claims, as part of its crackdown on the ‘false claims epidemic’

SMR, CR and SIMR – PRA policy statement on amendments and optimisations

SMR, CR and SIMR – PRA policy statement on amendments and optimisations

The Prudential Regulation Authority (PRA) has published a policy statement on amendments and optimisations to the senior managers regime

Implementing information prompts in the annuity market

Implementing information prompts in the annuity market

The Financial Conduct Authority (FCA) is consulting on proposed amendments to rules on the purchase of products that provide consumers with guaranteed income in retirement (pension annuities).