European Solvency II law - 2012
European insurance undertakings will soon be subject to new EU solvency requirements called Solvency II. The target date is currently 1 January 2014.
The Solvency II project is a multi-layered legislative project, consisting of 3 levels of sources of law: a Level 1 layer with the core directive, which is a framework directive, enshrining the basic principles, a Level 2 layer with the implementing legislation and a final Level 3 layer composed of interpretative guidelines and recommendations issued by EIOPA (European Insurance and Occupational Pensions Authority), the new European insurance supervisory authority.
In this tailor-made, coordinated and complete compilation of European Solvency II law - in an easy to use, easy to search and easy to carry format - insurance practitioners, advisors, researchers, as well as policymakers and lawmakers, regulators and supervisors will find the latest available, accessible and comprehensive bundling of all approved and published legislation on Solvency II. This practical codex can be consulted through different media and will be updated periodically.
Lieve Lowet has been involved in the Solvency II project since its early stages. As partner of ICODA European Affairs, specialized in financial services and more particularly insurance matters, with a law degree from K.U.Leuven, and a M.A. in International Affairs from the Johns Hopkins University, Paul H. Nitze School of Advanced International Studies, she has lived through the Solvency II project in various capacities. She is also an expert member of the Belgian Commission for Insurance.
The CEA is the European insurance and reinsurance federation. Through its 34 member bodies – the national insurance associations – the CEA represents all types of insurance and reinsurance undertakings, e.g. pan-European companies, monoliners, mutuals and SMEs. The CEA, which is based in Brussels, represents undertakings that account for around 95% of total European premium income. Insurance makes a major contribution to Europe’s economic growth and development. European insurers generate premium income of over €1 100bn, employ nearly one million people and invest almost €7 500bn in the economy.
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