EU Weighs Whether Solvency Regs Are Still 'Fit For Purpose'

Law360, London (July 1, 2020, 4:39 PM BST) -- The European Commission opened a public consultation on Wednesday over the rules on the capital that insurers must hold as it considers whether they are still "fit for purpose" after the COVID-19 pandemic hit the sector.

The commission said it will accept responses over the Solvency II Directive until Oct. 21, before it publishes a "legislative proposal" next summer.

The solvency rulebook sets out minimum requirements for the capital reserves that insurers must maintain to be able to withstand financial shocks and still be able to pay out on claims.

"Our world-leading prudential regime, Solvency II, has ensured that our insurance...

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