EIOPA announced that it will defer, until the end of December 2020, the delivery of its Solvency II Review advice to EC. This will allow time to perform a holistic impact assessment of the COVID-19 pandemic on the financial markets and insurance business, which EIOPA can take into account in its advice. To update the holistic impact assessment, EIOPA will complement the ongoing information request with a collection of data with a reference date of June 30, 2020. The new information request will be carried out from July to mid-September 2020. It will be addressed to a sub-sample of those subject to the ongoing information request.
Earlier, EIOPA had announced that to offer operational relief in reaction to disruption from the COVID-19 pandemic, the deadline of the information request for the holistic impact assessment of the 2020 Solvency II Review would be extended by two months, to June 01, 2020. EIOPA will continue to monitor the crisis and its impact and will engage with all stakeholders to ensure a transparent process.
Related Link: Press Release
Keywords: Europe, UK, Insurance, Solvency II Review, COVID-19, Solvency II, Deadline Extension, Advice, Data Collection, EIOPA
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