Response to EC inception impact assessment on Solvency II Directive review

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<title>Response to EC inception impact assessment on Solvency II
Directive review</title>
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<publisher>Insurance Europe</publisher>
<dateIssued>2020</dateIssued>
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<abstract displayLabel="Summary">Insurance Europe welcomes the EC Inception Impact Assessment and agree to a significant extent with its objectives and policy options. However, there are some key omissions and some refinements that are necessary to ensure the right outcomes. Solvency II (SII) is strongly supported but is excessively conservative and has some measurement flaws and excessive operational burdens that create unnecessary costs and barriers, in particular relating to the provision of long-term products and investments. The SII review should not lead to an increase in capital requirements and, for certain products, a better reflection of the real risk will lead to a justified release of capital. This outcome is necessary for insurers to continue to provide long-term products and fulfil their role in supporting recovery, sustainable growth and transformation to a net-zero carbon economy.</abstract>
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