Article 17 of the IORPS directive is designed to ensure a level regulatory playing field between insurance companies and pension schemes, referred to in the directive as institutions for occupational retirement provision, which offer similar pension products. Insurance companies that offer pension products which underwrite death or disability benefits or which provide guaranteed benefits, are required under their regulatory framework to maintain additional solvency margins. Such additional solvency requirements do not currently apply to institutions for occupational retirement pension provision offering similar products. The purpose of Article 17 of the IORPS directive is to ensure that institutions for occupational retirement provision are required to meet the same additional solvency margins as insurance companies offering the same products.

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