European Commission 26 February 2008, Amended Proposal for a Directive of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (recast)

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The Amended Proposal for a Directive on the business of Insurance and Reinsurance (Solvency II) aims to recast existing directives and introduce new solvency provisions to enhance policyholder protection and financial stability in the insurance sector. Key provisions include a risk-oriented supervisory approach, transparency and accountability requirements for supervisory authorities, and a framework for assessing the solvency capital requirements of (re)insurance undertakings. The directive applies to all life and non-life insurance and reinsurance undertakings, with specific exclusions for small mutual and pension funds, ensuring a comprehensive regulatory framework while maintaining proportionality for smaller entities.AI