The Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE) has submitted its recommendations on the Omnibus program to the European Commission, emphasizing the need to reduce the regulatory reporting burden without compromising sustainability and transparency ambitions.
In a statement, AMICE highlights the importance of improving the regulatory framework to enhance the efficiency of rule implementation in the mutual and cooperative insurance sector, which accounts for one-third of insurance premiums in Europe. The organization advocates for simplifying reporting requirements and ensuring that the information provided is truly useful to policyholders, avoiding unnecessary bureaucracy.
Among its key proposals, AMICE suggests aligning and simplifying regulations by integrating existing legislation more efficiently to prevent redundancies in regulatory reporting, thereby reducing the administrative burden on insurers. AMICE also calls for “clarity and relevance in reporting, eliminating unnecessary information and ensuring that data is comprehensible and accessible to policyholders.”
As a best practice for the future, AMICE seeks the gradual implementation of sustainability reporting requirements for mutual and cooperative insurers to ensure that compliance does not hinder their ability to serve policyholders.
On this subject, Sarah Goddard, Secretary General of AMICE, has emphasized that the mutual and cooperative insurance sector operates with long-term models focused on policyholders and that regulatory reforms “must respect these principles without adding unnecessary administrative burdens that could affect the sector’s competitiveness.” She also highlighted that mutual and cooperative insurers play a key role in Europe’s economic and social stability, as their solidarity-based and collective interest approach makes them essential to many citizens.
The statement also notes that excessive complexity in regulatory reporting can lead to additional costs for insurers, which could ultimately impact insurance prices for consumers. Therefore, AMICE insists that any reform must strike a balance between effective supervision and the operational viability of mutual entities.
The mutual and cooperative insurance sector has historically been committed to sustainability and social responsibility. However, the association warns that “without proper regulation, increasing reporting requirements could divert resources from their primary purpose: providing affordable insurance and benefits to their members.”
AMICE will continue to engage in dialogue with European institutions to ensure that the voice of mutual insurers is heard throughout the reform process.
For more information, AMICE has made its recommendations document available on its website: www.amice-eu.org.
