European Commission 21 April 2004, Proposal for a Directive of the European Parliament and of the Council on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC and Directives 98/78/EC and 2002/83/EC {SEC(2004)443}

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The Proposal for a Directive on reinsurance aims to establish a harmonized legal framework for reinsurance supervision within the EU, addressing the current lack of uniform regulations that create barriers to trade and increase operational costs. Key provisions include a mandatory licensing system for reinsurance undertakings, solvency margin requirements aligned with direct insurance, and enhanced cooperation among Member States' supervisory authorities. The Directive seeks to enhance the stability of the reinsurance sector, which is crucial for the overall financial system, by ensuring that reinsurers are subject to rigorous oversight and can operate efficiently across the internal market.AI