Consultation Responses

ShareAction response to HM Treasury's Consultation Review of Solvency II

ShareAction has responded to HM Treasury's consultation review of Solvency II. We were disappointed to see the Treasury has made no provision for sustainability requirements as part of Solvency II (insurance sector regulation) reforms. As part of out consultation response we call for higher capital requirements accounting for high-risk assets such as fossil fuels, mandatory net zero transition plans, a streamlined ‘double materiality’ approach for insurers to assess their impact on climate, rigorous stewardship policies for investment and underwriting, and stricter reporting rules as per the obligations of TCFD and TNFD.