On economic security and the Solvency II Directive

Abstract

The purpose of the article is an attempt to evaluate the economic security of European Union countries from the perspective of the ongoing COVID-19 pandemic and to present the Solvency II Directive as an instrument to support the authorities of the Community countries in their pursuit of preserving economic security.

Hypothesis: alleviating the regulatory regime of the Solvency II Directive contributes to improving the economic situation of European Union countries.

Method: for the purposes of the study, the literature on the subject was reviewed, and data analysis was performed on the reports of Insurance Europe, OECD, and the European Commission.

Conclusion: The research indicates that there are substantive premises that justify the necessity to amend the Solvency II Directive to support the economic situation of the countries. In the face of the shocking changes in economic conditions caused by the COVID-19 pandemic, alleviating the Directive’s provisions will ultimately have a positive effect on the economic situation of the Community countries. However, this decision remains in the sphere of possible choice of European authorities.