The Role of Soft Law under Solvency II

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ID: 321456
2026
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Abstract
Abstract This chapter explores the role of soft law in the context of Solvency II. It looks afirst at the essential characteristics of soft law in the context of the ECJ’s case law, where it has been argued that soft law instruments, such as guidelines, are not so soft after all and that false soft law, especially when complied with nationally, should be subject to the legal scrutiny of the ECF. The chapter then describes how soft law is part of the Solvency II framework and the role of the Commission and the co-legislators in its creation. The chapter continues with an analysis of the features of the EU’s financial framework in the insurance sector, especially the different levels of regulation, as the Solvency II Directive is a Lamfalussy directive, and describes how this has shaped the framework and the competences. After the financial crisis and the De Larosière report, this set-up evolved into stronger EU supervisory arrangements, with the objective of creating a single rulebook. EIOPA obtained a crucial role in the development of Solvency II. This role of EIOPA and its use of a more diverse soft law toolbox over the years is examined in a third part of the chapter, as well in terms of the instruments used, both named and unnamed, as in terms of its evolution over time. The chapter underlines the inherent contradictions included in the use of soft law and its deficiencies. The chapter concludes with a call for proper safeguards in light of the double challenge soft law instruments create.
Reference Key
openalex_W7169523756 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Lieve Lowet
Journal Oxford University Press eBooks
Year 2026
DOI
10.1093/law/9780198927617.003.0017
URL
https://doi.org/10.1093/law/9780198927617.003.0017
Keywords Keywords not found

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