MODERNIZING THE INSURANCE LAW IN THE LIGHT OF THE NEW SUPERVISION SYSTEM SOLVENCY II
MODERNIZING THE INSURANCE LAW IN THE LIGHT OF THE NEW SUPERVISION SYSTEM SOLVENCY II

Summary/Abstract: The article presents the way in which the system Solvency II radically changes the philosophy of the supervision act by introducing a system based on the assessment of internal and external risks, to which insurance and/or re-insurance companies are exposed. Directive Solvency II represents the new European regulatory system which will govern insurance capital requirements of insurers or re-insurers, by introducing an economic risk-based approach. Solvency II is based on three pillars which relate to quantitative and quality requirements, as well as reporting requirements and dissemination of the information. The article presents the way in which the first so called Lamfalussy Directive in the insurance sector will be transposed into national legislation, by analyzing the 4 levels at which this will be implemented. The article also analyzes both the legislative and socio-economic impact of the new supervision system, as well as the impact on the consumers of insurance services.

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