Friday, 15 February 2019


AMICE:Joint statement signed in Brussels on the effects of regulatory requirements and compliance on employees

The Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE), the voice of the mutual and cooperative insurance sector in Europe, together with the Insurance Sectoral Social Dialogue Committee (ISSDC), has today signed a statement on the effects of regulatory requirements and compliance on employees, and announced a follow-up to the joint declaration on the social effects of digitalisation.
The legislative reform of the insurance sector over the last decade is well documented. Ten years on, the pressure of reform is affecting people working in the financial services sector, as operators, customers and financial sector employees are witnessing the effects of increasingly burdensome, heavy-handed and duplicative legislative reforms.
For customers, the disclosure of extensive and technical information impedes straightforward decision making, creates confusion and makes the decision-making process unnecessarily difficult and stressful.
For employees, legislative reform has affected their wellbeing. In particular, the European social partners in the insurance sector noted that the significant increase in regulatory requirements has led to a substantial rise in insurance employees’ workloads and stress levels, and today they call for employees to be given enough time to assimilate the latest changes in legislation and sufficient time to apply them.
Implementing new regulatory requirements involves the development and adoption of complex company compliance procedures, which need to be accompanied by proper training. The social partners declare in their statement that they are concerned about short implementation deadlines which leave too little time to properly implement complex and comprehensive pieces of legislation and for employees to have appropriate training.
The social partners further note that the negative effects have a disproportionate impact on small and medium-sized entities, which contribute significantly to local economies but face a heavy burden keeping up with constant regulatory changes.
Sarah Goddard, AMICE Secretary General commented,
She continued,
“The pressure on people working in the financial services industry on understanding and implementing such wide-ranging and complicated regulatory requirements has taken a significant toll. It is important to remember that insurance is ultimately a people business, and that we have a responsibility to ensure that all employees are protected from undue stress.”
In addition to the statement on the effects of regulatory requirements and compliance on employees, the Insurance Sectoral Social Dialogue Committee (ISSDC) has issued a follow-up to build on the declaration on the social effects of digitalisation signed in October 2016. This follow-up looks to respond to the recent and increasingly rapid development of digitalisation. It seeks to frame further common measures across all participating organisations and their members to ensure long-term employability of the mutual and cooperative insurance workforce.
§  Further training as a key
§  Time and place of work
§  Dealing in a social way with the digital structural change
§  Employees’ representatives in the digital age

The declaration aims to safeguard jobs and the employability of employees; improve the work-life balance of employees; encourage the adoption of all appropriate digital communication channels; and underline the need for continuous training to be provided by insurance companies and the importance of employees’ willingness to undertake such training.
The full documents are available from the AMICE Secretariat or via the AMICE website.

To continue building on the work already achieved, the European social partners in insurance will monitor the development of employment in the sector on a yearly basis, taking due account of existing statistics.

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