AEIP responded to the European Commission open consultation on the review of the Solvency II Directive
On 20 October AEIP provided its input to the European Commission’s open consultation on the review of the Solvency II Directive. In its input AEIP stressed that any new measure to strengthen the solvency capital requirement should provide smoothing mechanisms applicable by law. In addition, AEIP called for the introduction of long-term volatility use which smooths out excess volatility over a longer period of time. As representative of not-for-profit insurers, the text invites the Commission to consider the specific governance of paritarian bodies as well as the exclusive use of surpluses for the benefit of policyholders. Finally, AEIP stressed that insurance products are closely linked to the national regulations, hence national authorities are best placed to assess the specific risks for the products that concern them. Please see here for the full response of AEIP.