Under the Europe 2020 strategy, the Commission is among others tackling bottlenecks in the internal market in order to create overall sustainable economic growth. European insurers generate premium income of over €1 100bn, employ nearly one million people and invest almost €7 500bn in the economy. Even a minimum contribution to growth in this sector could have a significant positive impact on the economy as a whole. Opportunities for growth in the insurance sector can arise through cross-border trade, where the potential has not yet been fully exploited.
In 2010 the Commission launched the Green Paper on policy options on progress towards a European contract law for consumers and businesses. A number of stakeholders from the insurance sector, in particular representatives of insurance undertakings and insurance intermediaries, responded and noted that differences in contract law posed obstacles to cross-border trade in insurance products. In its resolution of 8 June 2011 the European Parliament  reiterated its earlier call to include insurance contracts within the scope of an optional instrument.
Following the Green Paper consultation, the Commission adopted a proposal for a Regulation of the European Parliament and of the Council on a Common European Sales Law on 11 October 2011.  The scope of the proposal was limited to contracts for the sale of goods, contracts for the supply of digital content and contracts for related services, as sale of goods accounts for the major share of intra-EU trade and trade in digital products has a growing economic importance. Nevertheless, having considered all responses to the Green Paper, the Commission took note of the concerns expressed by stakeholders from the insurance sector.
On 16 February 2012, the Commission adopted also the White Paper ‘An agenda for adequate, safe and sustainable pensions’.  It put forward a package of initiatives with the aim of facilitating the development of complementary private retirement savings. Measure 19, which is part of this package, announced that the Commission would examine the need for removing contract law-related obstacles to the design and distribution of life insurance products with savings/investment functions in order to facilitate the cross-border distribution of certain private pension products.
 “Policy options for progress towards a European contract law for consumers and businesses” European Parliament resolution of 8 June 2011 on policy options for progress towards a European Contract Law for consumers and businesses (2011/2013(INI)), (2012/C 380 E/09)
 Proposal for a Regulation of The European Parliament and of the Council on a Common European Sales Law /* COM/2011/0635 final, COM(2011) 636 final, 11.10.2011, OJ C 181 , 21/06/2012 P. 0075 - 0083
 White Paper “An Agenda for Adequate, Safe and Sustainable Pensions” COM(2012) 55 final, of 16.2.2012.