1. 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

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

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

4. 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.

5. 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

6. 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

7. 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

8. 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

9. 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

10. QUESTIONS ?