EIOPA published its letter to EC regarding the amendment to the background impact assessment of the 2020 Solvency II review. The letter is in reference to the EIOPA Opinion on Solvency II (submitted to EC on December 17, 2020). The impact assessment has been revised to exclude the unsuitable data input from the markets concerned. However, the revised figures do not modify the overall assessment of the impact of EIOPA’s Opinion in 2019 and mid-2020 and the opinion remains unchanged.
The EIOPA opinion on Solvency II Directive is part of the process to review the directive. The proposed measures aim to keep the regime fit for purpose by introducing a balanced update of the regulatory framework, reflecting better the economic situation and completing the missing elements from the regulatory toolbox. From a prudential perspective, EIOPA is of the view that overall the Solvency II framework is working well and no fundamental changes are needed at this point in time, but a number of amendments are required to ensure that the regulatory framework continues as a well-functioning risk-based regime. However, as per EIOPA's letter to EC, the calculation of the projected impact of the mechanism for the introduction of the extrapolation method contained an unsuitable data input, which led to incorrect estimates of the impact of the mechanism for the German market early 2023 and early 2032. It also had consequences for the projected estimates for the European Economic Area and in relation to member states whose impact was derived from the projected estimate for the European Economic Area. The estimates concerned, including also in relation to the volatility adjustment where relevant, are presented in tables 47, 48, and 49 of the background impact assessment attached to the opinion. Consequent to this, certain revisions have been made and the revised impact assessment has been published.
Keywords: Europe, EU, Insurance, Solvency II Review, Impact Assessment, Opinion, Solvency II, EIOPA
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