Lieve Lowet

Lieve Lowet, EU Affairs consultant and lobbyist since 2003, focuses on European dossiers relevant for the insurance and pension sector. From 2003 to 2008, she was Secretary-General for the international mutual insurance association AISAM (now AMICE), which accounted for 15% of the European and 6% of the world insurance market. Prior, she worked for McKinsey as a European banking and insurance expert. She holds a Master of Arts in International Studies degree (SAIS), Johns Hopkins University, a degree in Law and a B.A. in Philosophy, both from the KUL University of Leuven (Belgium).
Lieve Lowet

Lieve Lowet

EU Affairs consultant and lobbyist

New Competences for the European Banking, Insurance & Pension and Financial Market Authorities (ESAs)

29 January 2020
Knowledge Base

Last December, the European Union concluded the ESA review with the publication of the ESA review legislation in the Official Journal. It consists of 3 legislative acts:

Regulation (EU) 2019/2175 which amended the EBA regulation, the ESMA regulation, the EIOPA regulation, MIFIR, the benchmark regulation and the funds transfer regulation. The amendments focused on giving new competences as well as on clarifying existing competences. Most new powers of the ESA started on 1 January 2020. Regulation (EU) 2019/2176 which amended the ESRB regulation and which came into force on 30 December 2019; and Directive (EU) 2019/2177 : this Directive changes among others a few articles in the SII directive. The transposition date is 30 June 2021. This means that the new provisions related to SII are applicable as of 30/6/2021 except the country specific volatility adjustment adaptation which is applicable as of 1/7/2020.

This publication closes a long review. The new powers of EIOPA include for example the possibility to set up cooperation platforms in case of insurers which are active cross-border via branches and where there is a justified concern to worry about policyholder protection. Continue reading…

Lieve Lowet

Lieve Lowet

EU Affairs consultant and lobbyist

EIOPA proposes further steps to close the European natural catastrophes protection gap

26 November 2019

In his inspired keynote speech at the opening of the 9th Annual EIOPA conference titled “Insurance and Pensions: leading the future”, Gabriel Bernardino, EIOPA’s chairman, called upon the sector to do right for the next generation and to show leadership. “No one should suffer because we are too complacent to act.” All have a powerful role in mitigating the impact of climate change and ensuring a gradual transition to a more sustainable and resilient economy. For insurers and pension funds, this is especially true in the area of asset management. In underwriting, insurers should consider the impact of their underwriting practices. Risk mitigation and loss prevention can make a significant difference, while maintaining the fundamental principles of sound risk-pricing. However, this is only relevant if there is protection being bought. There is an important European protection gap due to climate change in the area of natural catastrophes (NATCAT) with a considerable disparity in terms of insurance penetration, catastrophe exposure and disaster preparedness. The very large majority of EU Member States don’t even have a NATCAT scheme, and governments are budget tight. Will governments continue to play their role as insurer of last resort? Continue reading…

Lieve Lowet

Lieve Lowet

EU Affairs consultant and lobbyist

EIOPA consults extensively on the Solvency II review

28 October 2019

On 15 October 2019, EIOPA, the European Insurance and Occupational Pensions Authority, published an extensive and long consultation paper (878 pages!) to prepare for the review of the Solvency II framework directive. Since 1 January 2016, about 2800 insurers and reinsurers in the EU apply Solvency II. The directive is up for a selective mandatory review by the Commission by 1 January 2021. Therefore, EIOPA must complete its technical advice in the form of an Opinion to the European Commission by 30 June 2020. The review of Solvency II directive is broad: the consultation covers 19 topics.  Continue reading…