Insurance Europe, the European insurance and reinsurance federation, has published a new paper advising policymakers in the European Union (EU) how to ensure re/insurance regulations work properly and benefit consumers.
In the paper, Insurance Europe calls on policymakers to avoid continual regulatory changes by performing in-depth analysis to ensure that any new legislation is fit for purpose from the start.
At the same time, it is recommended that policymakers keep the regulatory framework stable and change rules only if it will demonstrably benefit consumers.
The paper also argued that legal uncertainties can be avoided by allocating the necessary time and resources to consultations with all stakeholders.
As a further point, Insurance Europe said that coherence and consistency across EU legislation can be ensured by assessing the cumulative impact that proposed rules and existing rules would have on consumers.
And in addition, policymakers were asked to avoid unfit rules and disclosures by focusing on clarity and helping consumers to understand insurance products.
The paper similarly stressed the importance of digital-friendly rules to help consumers to access information or services digitally, while also allowing for innovation in the re/insurance market.
Finally, Insurance Europe called on policymakers to avoid implementation timelines that are too short, by using separate timeframes for developing Level 2 and 3 measures.
