| Author (Corporate) | European Commission: Press and Communication Service |
|---|---|
| Series Title | Press Release |
| Series Details | IP/00/1233 (30.10.00) |
| Publication Date | 30/10/2000 |
| Content Type | News |
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The European Commission has presented two proposals for Directives to amend the solvency margin requirements for life and non-life assurance undertakings. The solvency margin is the extra capital that insurance undertakings are required to hold as a buffer against unforeseen events such as higher than expected claims levels or unfavourable investment results. The proposals aim to strengthen the existing solvency margin requirements for insurance undertakings so as to reinforce safeguards for policyholders' interests. These proposals are priority measures under the Financial Services Action Plan (see IP/00/556) that the Lisbon European Council said should be implemented by 2005. The Action Plan has three strategic objectives: to create a single market for wholesale financial services, to ensure that retail markets are accessible and secure, and to provide state-of-the art prudential rules and supervision. |
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| Source Link | http://europa.eu/rapid/pressReleasesAction.do?reference=IP/00/1233&format=HTML&rapid=0&language=EN&guiLanguage=en |
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| Subject Categories | Internal Markets |
| Countries / Regions | Europe |
