Er no, the reason Solvency II exists is to bailout govts (and insurance companies, it is a tacit way of decreasing competition). That is the beauty of these regulations: you have poor people in Europe who are getting absolutely rinsed by this stuff AND they will actually fight for it (the "casino mentality"...is that something that European Commissioner tells you to say?).
It does nothing to increase systemic safety: look at Europe, almost every large bank is functionally insolvent, requires massive zero-interest loans from the govt, almost all new loans in some of the large economies are now govt-guaranteed...is this what a safe system looks like.
If you take a country like Germany, which has gone the farthest down this route, savers have net financial wealth equal to Greece. Look at Allianz's market share, they own everything. It is tragic. Removing these regulations will be massively beneficial for consumers, the reason they exist at all is to limit competition and choice.
Btw, this isn't hard. The US made these changes in the early 70s, that is why they fund most VC activity in London. Consumers need choice, they don't need to have their money trapped in govt bonds subsidizing govts that can't repay their debts in a free market, the only result of this is lower returns for consumers.