From: Captive International
The Federation of European Risk Management Associations (FERMA) has seen progress on discussions about proportionality measures for captives in the upcoming revision of Solvency II following a direct approach to the French Presidency of the Council of the EU.
President of FERMA Dirk Wegener told the General Assembly of FERMA in Brussels on 21 June that FERMA held several meetings with the French Treasury and has been in close contact with the offices of key Members of the European Parliament (MEPs) working on the file, including the rapporteur.
Wegener explained the changes proposed by both the French Presidency and by the rapporteur go further in supporting captives including FERMA’s request to classify all captives as “low-risk profile undertakings” than the proposal made by the European Commission. “The deal is not done yet, but discussions are going in the right direction,” said Wegener.
The past year has seen excellent progress on the Federation of European Risk Management Associations (FERMA) priorities, and the strengthening of FERMA’s political activity and influence, said Wegener.
Wegener said that FERMA had strengthened its voice at European level as risk managers continue to express concerns about the impact of the continuing hard market and the potential of future uninsurability and with new EU legislation impacting the day-to-day role of risk managers. Linked to this is FERMA’s increase in high-level contacts with EU institutions.