The Newsletter stressed that there is an increasing interest at European level – notably at the Parliament and at the Commission – for the mutual and cooperative insurer sector, due to the important role it plays in the European economy and society.
Diversity is of paramount importance for the quality of financial services and the stability of markets.
AMICE is working on descriptive and statistical material to present and promote its case in the months to come and beyond. It is important that the sector understands its identity and values, its role and the contribution that it can make to overall welfare, and that this image is transported to the public in a self-confident and consistent manner.
On all levels of the Solvency II project, the activity has increased considerably and the discussion process is characterised by increasing nervousness.
At the end of October, the Commission published the third informal draft of the implementing measures. The ECON Committee of the EP had decided to wait for this document before continuing their discussions on Omnibus II. The vote in the Committee on Omnibus II is now scheduled for just before Christmas and – only if everything goes extremely well in the negotiations with Council and Commission - the EP Plenary may vote on Omnibus II in March or April.
Since only this would be the trigger for the formal draft of the implementing measures, the whole timeline is again under threat of being pushed further back. The worrying consequences would be that the time between the finalisation of the legal package and its full application (now foreseen for 01/01/2014) is again reduced to an unacceptably short span of only 12 months or little more. AMICE continues to fight for some important changes in the level 2 text, and warns against a further tightening of the agenda. Therefore, AMICE urges all participants in the technical and increasingly political discussion process to advance as swiftly as possible with the aim of creating certainty about the future requirements.
Newsletter
© AMICE - Association of Mutual Insurers and Insurance Cooperatives in Europe
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