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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 ...

The EU-US agreement on insurance and reinsurance was signed in September 2017. It aims at eliminating some key trade barriers in the sector, in particular collateral and local presence requirements. The agreement also tackles the issue of supervisory authority and exchange of information. The European Parliament is due to vote on giving its consent to the Council for the conclusion of the agreement during its February II plenary session.

Reforms to the system of governance of the euro area, launched in the wake of the 2008-09 financial crisis, have included, inter alia, the creation of authorities to better supervise the financial markets, improved mechanisms to coordinate fiscal policies, and procedures to correct economic imbalances. While the drive to overhaul the euro-zone's economic rulebook has slackened as the improving growth outlook has eased threats to the overall stability of the area, deeper integration of the euro area ...

In the aftermath of the UK’s vote to leave the EU, securing continued access to each other’s markets will be one of the key issues to be addressed in the exit negotiations. This paper examines how the current EU financial services legislation ensures or facilitates access to the EU single financial market for EU/EEA Member States and third countries. The analysis focuses on passporting/mutual recognition regimes for EU/EEA Member States and third country equivalence regimes. This document was provided ...

Widely differing limitation periods for tort claims across the European Union (EU) Member States can lead to victims of cross-border road traffic accidents losing their right to compensation. This European Added Value Assessment (EAVA) sketches out the weaknesses of the relevant existing legal frameworks which create obstacles for victims of cross-border road traffic accidents in accessing legal justice. Furthermore, the EAVA identifies the costs that arise on account of differing rules on limitation ...

The EU Directive applicable to life insurance sets out what kind of information insurance companies must give to policyholders. It also allows Member States to impose broader information duties, provided that the information is necessary for the policyholder to understand the contract. In its ruling of 29 April 2015, the EU Court of Justice allowed Member States to use open-ended standards to impose information duties, provided that sufficient legal certainty is guaranteed.

This paper prepared by the Policy Department A provides a graphic overview on core legislation in the area of economic and financial services. The presentation essentially covers the areas within the responsibility of the Economic and Monetary Affairs Committee (ECON); hence it starts with core ECON areas but also displays neighbouring areas of other Committees' competences which are closely connected to and impacting on ECON's work. It shows legislation in force, proposals and other relevant provisions ...

Les mutuelles jouent un rôle fondamental dans l’économie et la société européennes en fournissant une couverture sociale et d’autres types d’assurances à de nombreux citoyens européens. Cette étude présente un aperçu des caractéristiques et du rôle des mutuelles dans les différents États membres de l’Union européenne, analyse la législation de l’Union européenne applicable aux sociétés mutuelles et examine les performances des mutuelles durant la crise économique et financière. Ce rapport aborde ...