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Insurance Regulation

Insurance Regulation

Context

The insurance regulatory framework has undergone profound transformation over the past decade, both at European and international levels. The implementation of Solvency II marked a major milestone in establishing a risk-based, harmonised prudential regime across the European Union. Its review aimed to ensure that the framework remains fit for purpose in a changing economic and financial environment. Particular attention was given to proportionality and simplification, in order to reduce unnecessary operational and reporting burdens, especially for smaller and medium-sized insurers, while preserving robust prudential safeguards.

At the international level, regulatory convergence remains a priority. Greater alignment across jurisdictions enhances comparability, strengthens financial stability and supports a level playing field in global insurance markets.

Regulation must therefore evolve along three key dimensions in fast evolving risk and economic contexts: maintaining strong solvency standards, ensuring international coherence, and delivering meaningful simplification. A modern supervisory framework should not only safeguard stability but also enable insurers to fulfil their economic role efficiently.

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