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Solvency II review: addressing low for long-, and long-term investment challenges

Day 2 Afternoon

Thursday 09 September

Room :

Plenary Room 2


Martin Merlin
Director, Banks Insurance and Financial Crime, DG FISMA - DG for Financial Stability, Financial Services and Capital Markets Union, European Commission
Public Authorities
Frank Grund
Chief Executive Director of Insurance and Pension Funds Supervision - Federal Financial Supervisory Authority, Germany (BaFin)
Fausto Parente
Executive Director - European Insurance and Occupational Pensions Authority (EIOPA)
Stéphanie Yon-Courtin
MEP, Vice-Chair of the ECON Committee - European Parliament
Gorazd Čibej
Managing Director - Insurance Supervision Agency, Slovenia
Industry Representatives
Mireille Aubry
Head of Prudential Regulation Standards & Foresight - Covéa
Carlos Ignacio de Montalvo Rebuelta
Partner-Global Insurance Regulatory leader - PricewaterhouseCoopers Auditores, S.L.
Giancarlo Fancel
Group Chief Risk Officer - Generali
Clément Michaud
Chief Financial Officer - Crédit Agricole Assurances

The session is dedicated to clarifying whether and for what reasons, the framework would need to be updated in order to better reflect in prudential rules the new macroeconomic environment, notably the protracted low-yield environment. The session will on the other hand try to identify areas where excessive layers of conservatism notably regarding long-term liabilities and equity holdings, may hinder insurers’ ability to contribute to the EU political priorities of the CMU and the European Green Deal.  

Points of discussion

  1. What are the main macro-economic challenges that have been faced by the insurance industry since the implementation of the Solvency II insurance framework, where there might be an inadequate estimation of the risk? What lessons can be learned regarding the balance and calibration of the different capital requirements of EU insurance undertakings? 
  2. What are the aspects of the regulatory framework that should be addressed during the review of the Solvency II framework?