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21 February 2019

Commercial Risk Europe: European insurance group concerned about negative social effects of regulation

A group of European social partners in the insurance sector, including Insurance Europe and the Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE), have signed a statement on the effects of regulatory requirements and compliance on employees.

The Insurance Sectoral Social Dialogue Committee (ISSDC) signed a joint declaration on the negative social effects of the recent significant increase in EU regulatory requirements in financial services. The declaration stresses that this increase has led to a substantial rise in insurance employees’ workloads and stress levels. It said that employees must therefore be given enough time to assimilate the latest changes in legislation and to apply them.

AMICE noted that “the pressure of reform is affecting people working in the financial services sector, as operators, customers and financial sector employees are witnessing the effects of increasingly burdensome, heavy-handed and duplicative legislative reforms”, adding: “For customers, the disclosure of extensive and technical information impedes straightforward decision making, creates confusion and makes the decision-making process unnecessarily difficult and stressful.”

The declaration states that the social partners are concerned about short implementation deadlines, which leave too little time to properly implement complex and comprehensive pieces of legislation and for employees to have appropriate training. It also highlights the need to avoid excessive and duplicative regulatory requirements to allow for a healthy working environment, meaningful jobs, and good advice and services for customers.

Full article on Commercial Risk (subscription required)

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