Insurance bodies write to EC to ensure level playing field with ICS

Written by Adam Cadle

28/08/2019

Insurance Europe and the Pan-European Insurance Forum (PEIF) have written to European Commission (EC) vice president, Valdis Dombrovskis, to stress the need for a global level playing field for all internationally active insurance groups and all participating jurisdictions in the monitoring period of ICS 2.0.

Version 2.0 of the ICS is scheduled to be adopted in November 2019, and the letter calls for decisions on key aspects of the ICS to be made before adoption of ICS 2.0 to ensure that convergence and agreement within the supervisory community is achievable.

“The upcoming five year monitoring period should identify potential flaws in the ICS and fix them as and where needed”, Insurance Europe stated.

It added that European stakeholders engaged in the ICS project should also ensure that the ICS does not “create competitive disadvantages for Europe vis-à-vis other jurisdictions, endanger the availability and raise the cost of products that are highly valued by consumers, threaten the ability of insurers to continue to invest in long-term economic growth and create macroprudential and financial stability risks, including pro-cyclical investment behaviour”.

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