The Insurance Sectoral Social Dialogue Committee and Social Impact Assessment Agnes Fridely Legal Officer “Insurance and pensions” Claudio Collovà Evaluation Officer “Impact Assessment, Evaluation and Economic Analysis” European Commission; DG Internal Market and Services; Brussels, 26 November 2010

Aims of this meeting Recap on Impact Assessment Insurance proposals for 2011 Your questions => Your contribution

Impact Assessment Impact assessment is… The key role of consultation Social impacts matter Sectoral social impacts Timing issues

Insurance Guarantee Schemes IGS in all Member State – end 2011 Improve social welfare: increased protection of policyholders; less use of taxpayers' money; insignificant welfare losses while redistributing insurance default losses. No significant sectoral social impact.

Solvency II Aim: Economic risk-based solvency requirements for all insurers and reinsurers Economic impact: Greater competition between insurers, due to the opening up of the single market, leading to downward pressure on prices Social impact: Reduced likelihood of failure of an insurer Better understanding of risk amongst consumers, though potential for greater risk transfer to consumers Sectoral social impact: There will be rules on remuneration

Insurance Mediation Directive Main aim: simplification - clearer rules Consumer protection - Level playing field for all actors Social impact: A higher level of policy holder protection Management of conflicts of interests/remuneration and transparency (also sectoral) Sectoral social impact: Higher level of professional requirements

Institutions for occupational retirement provision Single Market Act proposal 31 “Enable Europeans to benefit from pensions which are adequate and guaranteed in the long term” Retirement for mobile workers Sectoral impact: workers in the industry would benefit from greater job opportunities

Packaged Retail Investment Products Aim: high level of consumer protection Social impact: better information for consumers – improve comparability Sectoral social impact: Disclosure: no direct impact on employees Sales: stricter sales rules – link with IMD

Single Market Act Single Market as an engine of growth and jobs Strong social dimension: Proposal 29: Respect of fundamental rights, social IA; Proposal 38: Corporate governance; Proposal 37: Cooperatives and mutual societies. Join the European debate by 28/2/2011 http://ec.europa.eu/internal_market/smact

QUESTIONS ?