The European Commission has launched a consultation on key elements of the prudential framework for insurance and reinsurance firms required by the Solvency II Directive. While the European Insurance and Occupational Pensions Authority (EIOPA) is undertaking a technical consultation and data gathering exercise on Solvency II, the Commission seeks to obtain stakeholders views on the broader policy objectives and priorities in reviewing the Directive.

The Commission is interested in stakeholders’ views related to insurers’ role in the long-term financing of the economy and the supply of products with long-term guarantees to their clients, policyholder protection and the European Single Market for insurance as well as emerging risks and opportunities (including climate and environment-related risks, digitalization and cyber risks).

The Commission states that the review will take into account lessons learned from the coronavirus (covid-19) outbreak.

Responses to the consultation can be submitted through an online questionnaire. The consultation period runs from 1 July 2020 to 21 October 2020.