In this press release, Representatives of the European insurance industry have urged the European Commissioner for the Internal Market and Services, Michel Barnier, to ensure that the overly conservative and prescriptive elements still contained in the draft implementing measures for the forthcoming EU regulatory regime, Solvency II, are urgently addressed.
The Forum strongly believes the directive represents an important step toward implementing an advanced supervisory and solvency framework which will help strengthen the European insurance industry. The Forum now urges the European Commission to introduce clear and effective implementing measures that will deliver the directive's basic principles.
As recent terrorist activities in major cities - notably, the 11 September 2001 attacks in the United States - have made strikingly clear, terrorism has developed into a threat that affects every aspect of society and knows no national boundaries. Although there is no internationally binding defi nition of terrorism, some aspects can be agreed on: it seeks to cause human suffering, to instil widespread fear, and to disrupt life and business. The insurance industry has responded to this evolving hazard, and is doing all in its power to manage the terrorism risk.