Written by Issam Hallak (2nd edition, updated on 02.10.2023).
Directive 2009/138/EC – also known as Solvency II – sets out the prudential regulatory framework for the insurance sector in the EU. The framework aims to establish the single market for insurance services further, while strengthening policyholders’ protection.
On 22 September 2021, the European Commission tabled a proposal for a directive that would amend Solvency II in essentially three ways: i) lowering regulatory obligations on small and low-risk profile insurance companies, ii) taking into account long-term and climate change risks, and iii) enhancing group-level and cross-border supervision.
In the European Parliament, the referral to the Committee on Economic and Monetary Affairs (ECON) was announced in plenary on 22 November 2021. Rapporteur Markus Ferber (EPP, Germany) tabled his draft report on 6 June 2022. The vote in committee took place in July 2023. The Council agreed its position in June 2022. The ECON committee decision to enter into interinstitutional negotiations was confirmed by Parliament’s plenary on 13 September 2023, opening the way for trilogues between the co-legislators.
- October 2023: Proposal amending the Solvency II Directive (2nd edition)
|Directive amending Directive 2009/138/EC as regards proportionality, quality of supervision, reporting, long-term guarantee measures, macro-prudential tools, sustainability risks, group and cross-border supervision|
|Committee responsible:||Economic and Monetary Affairs (ECON)||COM(2021) 581|
|Rapporteur:||Markus Ferber (EPP, Germany)||2021/0295(COD)|
|Shadow rapporteurs:||Eero Heinäluoma (S&D, Finland) |
Stéphanie Yon-Courtin (Renew, France)
Henrike Hahn (Greens, Germany)
Marco Zanni (ID, Italy)
Johan van Overtveldt (ECR, Belgium) Chris MacManus (The Left, Ireland)
|Ordinary legislative procedure (COD)|
(Parliament and Council on equal footing
– formerly ‘co-decision’)
|Next steps expected: Interinstitutional negotiations (trilogues)|