CMBS and Solvency II

The capital charges applicable for EU insurers under Solvency II have been a major barrier to the establishment of a well-functioning CRE debt securitisation market in Europe since the GFC. The European Commission has published its proposals for changes to the prudential rules for insurers (inviting feedback by 5 September). We haven’t managed to figure out yet whether the implications are good, bad or indifferent for our sector – any members (especially from the insurer side) who can help, please let Peter know.