The 2020 Solvency II Review

• Jurisdiction: European Union
• Year: 2022
• Author: Karel van Hulle

Speaker

Professor Karel Van Hulle is a lawyer by training. He studied law at the KU Leuven and at the Marquette University Law School in Milwaukee. He lectures at the Economics and Business Faculty of the KU Leuven and at the Economics Faculty of the Goethe University in Frankfurt.

After serving eight years with the Belgian Banking Commission, he joined the EC in 1984 where he held responsibilities for accounting, auditing, company law and insurance and pensions and was responsible for the development of Solvency II. After his retirement from the EC in 2013, he became member of the Public Interest Oversight Board until April 2021 and member of the Board of the Bermuda Monetary Authority.

Topic

In this presentation, Karel Van Hulle provides a comprehensive update on the ongoing review of Solvency II and introduces a groundbreaking proposal for an Insurance Recovery and Resolution Directive. Van Hulle's expertise and insights shed light on the latest developments in the insurance industry, aiming to enhance financial stability, risk management, and consumer protection.

With a deep understanding of the complexities surrounding Solvency II, Van Hulle delves into the key aspects of the review process. He explores the rationale behind the revision, highlighting the evolving market dynamics and emerging risks that necessitate a more robust regulatory framework. By sharing the latest findings, Van Hulle clarifies the objectives of the review and the potential implications for insurers, policyholders, and the overall market landscape.

As the presentation progresses, Van Hulle introduces an innovative proposal—the Insurance Recovery and Resolution Directive. This directive aims to address the unique challenges faced by insurers during times of financial distress or crisis. Van Hulle articulates the need for a comprehensive framework that enables early intervention, effective resolution mechanisms, and a harmonized approach to safeguarding policyholder interests.

Throughout the presentation, Van Hulle emphasizes the importance of striking the right balance between prudential regulation and market efficiency. He discusses the various stakeholders...