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Transition Plans in Solvency II Joint Letter


We are 18 civil society organisations concerned with making the financial system more stable and sustainable, and we see the trilogue negotiations on Solvency II, the legislative framework for EU (re)insurers, as a key opportunity to make insurers resilient and better protected against climate change and its wide-ranging consequences.

Introducing a tailored transition plan provision in Solvency II is crucial to push insurers to adequately address climate-related risks and consider impacts, while ensuring regulatory coherence across EU law.

In this joint letter addressed to EU policymakers involved in the review of Solvency II, we emphasize how a transition plan obligation in Solvency II logically fits with other pieces of legislation, adding the necessary prudential perspective without creating any duplication.