On 13 May 2015, Insurance Europe published a position paper in response to the European Commission's public consultation on an EU framework for simple, transparent and standardised securitisation. In the paper, Insurance Europe welcomes and supports enhanced standardisation, transparency and quality of securitisations (which it believes will help generate interest in securitisation and promote access to this asset class for insurers). Insurance Europe understands the need for cross-sectoral harmonisation of securitisation rules in Europe and believes that, while development and compliance with new rules may take some time, an immediate review of the current prudential treatment of securitisations is needed. In the short-term, the paper calls for a number of improvements in the Solvency II approach to securitisations. While Insurance Europe largely supports the Solvency II approach, it believes that some eligibility criteria and calibration levels should be reviewed.