Ahead of the European Council in March, insurers are calling on EU leaders to deliver a real simplification package for financial services, including a comprehensive bus for financial services, to achieve clear and measurable reductions in regulatory burdens, according to the European Insurance Association.
Insurance Europe notes that the accumulation of overlapping and complex regulatory obligations is increasingly undermining the European re/insurance industry’s ability to achieve its objectives.
European insurers therefore remain committed to engaging constructively with EU institutions and support the call endorsed by EU leaders for a focused and far-reaching simplification agenda to enhance competitiveness, deepen the single market and invest more capital in Europe’s future.
Insurance Europe stresses that to be effective, simplification efforts should focus on a limited number of high-impact priorities, some of which can be included in the financial services complex.
The European insurance industry is calling on EU leaders to halt unnecessary new regulations, including withdrawing the Financial Data Access (FiDA) proposal and not pursuing minimum harmonization of the Insurance Guarantee Scheme (IGS).
In addition, it urges national leaders to simplify existing regulations, including implementing a “stop clock” on the Insurance Recovery and Resolution Directive (IRRD), making targeted adjustments to Solvency II Pillar 2 and Pillar 3 requirements, further simplifying the EU green taxonomy, addressing disproportionate accounting and auditing rules, and avoiding duplication and reducing bureaucracy under the Digital Operations Resilience Act (DORA).
Frédéric de Courtois, President of Insurance Europe, said: “Maintaining the strategic leadership of European insurers and reinsurers is maintaining Europe’s leadership. Every unnecessary rule imposes costs on households, businesses and the investments that Europe desperately needs. European leaders have a real opportunity this week to demonstrate that competitiveness and simplification are real priorities and not just slogans.”
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