AMICE has written to the European Commission outlining its recommendations for the Omnibus programme following a consultation with the AMCE membership.

AMICE supports the overall sustainability agenda, its goals and principles. It is a strategic concern for the insurance industry. However the AMICE membership notes that there are areas of reporting which could be amended to improve the overall reporting environment, ultimately providing greater value for policyholders of the mutual and cooperative insurance industry in Europe.

In summary, AMICE recommends that:

• The Omnibus initiative should make it easier and more efficient for firms to implement relevant regulation and reporting without compromising the overall sustainability ambition.
• The Omnibus programme is welcomed to align legislation, and streamline and simplify reporting. It should be extended beyond the CSRD, EUT and CSDDD to other areas of legislation which include reporting requirements, including prudential legislation.
• A call for evidence should take place to ascertain the alignment of reporting with actual impact, followed by consultation.
• Reporting should focus on relevant quantitative information.
• Information for customers (policyholders) should be accessible and understandable.
• The current sustainability information, as submitted by the current in scope entities, should be evaluated.
• Sustainability information should be used to develop good practices to assist entities which come into scope in the future to implement sustainability reporting;
• Unnecessary or duplicated information, as identified in a call for evidence, should be deleted.
• Entry into force dates should be reviewed in light of the outcome of the Omnibus initiative and related legislation.

Read:

• AMICE’s letter to the European Commission
• the full press release