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EU Financial Regulations
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Background
The European Commission has implemented a number of initiatives to limit the financial risks of policyholders and the whole banking system.The work of Solvency 1 and 2 have been and are currently being coordinated by the Commission’s Insurance Committee (IC).
These initiatives include,
Solvency 1
the predecessor to Solvency II which seeks to protect policyholders against the isolated risk of anindividual insurer going bankrupt such a Equitable Life.
Solvency II
The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS), consisting of representatives from the European supervisory authorities, has been established to fulfil the Level 3 functions in application of the "Lamfalussy" Process, i.e. development and implementation of the new Solvency II regulations.
This process develops Solvency 1 and seek to align risks for insurance companies more in line with the risks the individual company faces which ultimately seeks to protect policyholders against the isolated risk of anindividual insurer going bankrupt such as Equitable Life
Another initiative which will apply to Eurozone banks is the Basel II Accord which focuses on maintaining the soundness and stability of the overall banking system.
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Content
- Solvency II or 2
- implementation of Solvency 1
- Regulation changes stemming from EU Solvency 1
- EU Life Directive