Beginning of the end?-Karel Van Hulle

Beginning of the end?-Karel Van Hulle

Beginning of the end?-Karel Van Hulle

Solvency II is a big and complicated project that will significantly change the way the European and even the global insurance industry is managed. The new rulebook will not be up and running until the beginning of 2013. But the big decisions that will ultimately determine how much and what type of capacity is available for corporate insurance buyers and how captives will be regulated are being taken now as the results of the latest and final quantitative impact assessment—QIS5—are being gathered.

Adrian Ladbury, editor of Commercial Risk Europe, attended the recent European Captive Forum in Luxembourg and interviewed speaker Karel Van Hulle, Head of Unit, Insurance and Pensions, Financial Institutions, Internal Market Directorate General at the European Commission and the architect of Solvency II. Mr Van Hulle conceded that much work still needs to be done to wrap up the project but seemed confident that Europe’s insurance buyers will not find that it makes their job more difficult than it should be, that captives will receive balanced and proportional treatment after all and that the project is nearing the end of its long and sometimes arduous journey. He also discussed other big projects on the agenda at the EC, including the Insurance Mediation Directive (IMD), which could see the creation of a new regime to regulate how brokers are paid and how the often thorny relations with the United States are progressing.

Commission should leave cover for ELD risks to market forces-expert says

Commission should leave cover for ELD risks to market forces-expert says

Commission should leave cover for ELD risks to market forces-expert says

Following a recent report from the European Commission on the Environmental Liability Directive (ELD) that suggests it is considering intervention to help develop an insurance market to address the regime’s liabilities, Phil Bell, Group Casualty Director at Royal Sun Alliance and Chairman of the CEA’s general liability steering group, argues that it should be left to market forces.