Europe in the election year 2014 – The positions of the German insurers

In May 2014, citizens from 28 Member States will elect the members of the next European Parliament. The major challenges in the next five years will be familiar ones: the consequences of the economic and financial market crisis and demographic as well as climate change. The German insurers have adopted their positions on these and other European issues.

Solvency II
timely and proportionate implementation of regulatory requirements
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Distribution und remuneration schemes
preserve the variety of national systems
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Solvency II Vertrieb
Datenschutz Finanzaufsichtssystem
Data protection
take sector-specific interests into account
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Financial supervisory system
retain existing supervisory structures
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At a glance: The core concerns of German insurers
Exit from the policy of low interest rates
A gradual exit from the policy of low interest rates is urgently needed. The cheap money policy of the European Central Bank puts the burden on savers and affects occupational pensions.
Solvency II must be implemented quickly but with utmost care
Solvency II, one of the key European projects for the financial services industry, must be implemented quickly but with utmost care.
Commission-based distribution and fee based advice must continue to exist side-by-side
The stigmatisation of a particular marketing model does not do justice to either the varying interests of consumers or the special features of national insurance markets.
Suitable framework conditions for private capital
More private capital must be mobilised for the diversification of energy supply and the modernisation of the European infrastructure. However, suitable framework conditions must be created for these long-term investments.
Uniform European standards for data protection
For data protection, uniform European standards for the responsible handling of data must be guaranteed. At the same time, the industry must be able to use data in a legally secure fashion in accordance with sector specific requirements.
Maintaining independent national supervisory authorities
The model of independent national supervisory authorities to complement European insurance supervision must be maintained. A supervisory structure is required that understands the business model of insurance companies and the different special national features.
Mandatory insurance policies do not solve problems
Hasty demands for general mandatory insurance policies do not solve problems. Mandatory insurance models have many disadvantages. Traditions in Europe are very different in this regard; established solutions should be safeguarded. Prevention is always the best way to long-term insurability.
Uniform reporting channel for the data
A uniform reporting channel for the data of insurance companies must be secured. National supervisory authorities must be the single point of entry for reporting.
Supervisory and accounting rules should not counteract
Supervisory and accounting rules should not counteract the long term business model of insurers by providing incentives for short term investments.

Europe in the election year 2014
The positions of German insurers

• Political and economic environment in Europe
• Supervisory environment
• Framework conditions for insurers and their customers
• Business framework conditions
• Challenges for non-life insurance
• Challenges for life insurance
• International perspectives: opportunities and challenges outside Europe

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