The UK House of Commons Treasury Select Committee (TSC) inquiry into the Solvency II Directive (Directive) is open and accepting written submissions from the insurance industry and interested parties.
The scope of the inquiry is to explore the impact of the Directive and the options available to the UK post Brexit. The options being considered are: remain in (or immediately re-join) the EEA; leave the EEA but seek to retain passporting rights for financial services; sever all connections with the EU/EE, releasing itself from any obligation to adhere to EU law, but retaining all UK legislation which has implemented EU directives; or sever all connections with the EU/EEA and repeal all legislation which derives from EU law, replacing it with domestic legislation where the UK Parliament deems it to be desirable.
The Terms of Reference (ToR) for the inquiry requests input from the insurance industry on the following key areas: competitive implications of Solvency II; development of Solvency II; implementation of Solvency II; safety and soundness; proportionality; financial reporting; and wider implications of Solvency II.
The deadline for written submissions to the TSC is 11 November 2016.