Remuneration Policies of Insurance Undertakings in Europe: Principles for a Deeply Heterogeneous Reality
Abstract The provisions on remuneration policies and practices under the Solvency II framework have been recently supplemented by an Opinion published by the European Insurance and Occupational Pensions Authority. The lack of any high-level standard in this respect in the Directive and the open character of most of the principles and orientations entailed in these instruments have led to a landscape of different national implementation rules, which also need to be connected to the different corporate governance provisions of each Member State. This chapter aims to analyse the European provisions about remuneration in the insurance industry and connect them first to those provided for the banking sector, and then to the Member States regimes that arise from both the implementation of the EU policies and the international rules, with the purpose of pointing out the weaker aspects of the existing regulation and proposing some possible ways for improvement.