Featured Product

    EC Launches Consultation on Review of Solvency II Directive

    July 01, 2020

    EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020. The Solvency II Directive, which came into effect in 2016, sets out harmonized, risk-based rules across EU for insurance companies and promotes transparency, comparability, and competitiveness in the sector. To ensure that these rules are still fit for purpose, EC is comprehensively reviewing the prudential framework, building on the experience gained over the past few years. This review is also an opportunity to see how the insurance sector can contribute to the objectives of the European Green Deal and the Capital Markets Union, along with the overall efforts of EC to ensure the EU economic recovery following COVID-19 crisis. EC also published an impact assessment on the review of Solvency II.

    In February 2019, EC had sent a formal request for advice to EIOPA. Following the request for advice, EIOPA conducted three technical consultations covering the 19 topics of the Solvency II review that were identified by EC. In parallel to the work of EIOPA on the review, EC intends to collect feedback from a wider audience, including policyholders, consumer associations, and financial market stakeholders, by conducting its own consultation on the review. This more general consultation covers four main areas:

    • Long-termism and sustainability of insurer activities and priorities of the European framework
    • Proportionality of the European framework and transparency toward the public
    • Possibilities to improve citizens’ trust, to deepen the single market in insurance services and to enhance policyholder protection and financial stability
    • New emerging risks and opportunities, such as climate and environment-related risks, digitalization and cyber risks, that may need to be addressed by the European framework

    The results of the present consultation will complement the one resulting from technical consultations of EIOPA. They will all feed into the EC review process of the Solvency II framework. On the basis of feedback received, EC will come forward with a legislative proposal in the Summer of 2021.

     

    Related Links

    Comment Due Date: October 21, 2020

     Keywords: Europe, EU, Insurance, Reinsurance, Solvency II, European Green Deal, COVID-19, Digitalization, Climate Change Risk, ESG, EC, EIOPA

    Featured Experts
    Related Articles
    News

    APRA Publishes Results of Climate Risk Self-Assessment Survey

    The Australian Prudential Regulation Authority (APRA) has published the findings of its latest climate risk self-assessment survey conducted across the banking, insurance, and superannuation industries.

    August 04, 2022 WebPage Regulatory News
    News

    ACPR Publishes Updates Related to CRD IV and Covered Bonds

    The French Prudential Supervisory Authority (ACPR) published a notice related to the methods for calculating and publishing prudential ratios under the Capital Requirements Directive (CRD IV) and the minimum requirement for own funds and eligible liabilities (MREL).

    August 03, 2022 WebPage Regulatory News
    News

    BIS Paper Contributes to Debate on Regulating NBFIs and Big Techs

    The Financial Stability Institute (FSI) of the Bank for International Settlements recently published a paper proposing a framework for classifying financial stability regulation as either entity-based or activity-based.

    August 03, 2022 WebPage Regulatory News
    News

    EIOPA Publishes Guidance on Climate Change Scenarios in ORSA

    The European Insurance and Occupational Pension Authority (EIOPA) published the risk dashboard based on Solvency II data and the final version of the application guidance on climate change materiality assessments and climate change scenarios in the Own Risk and Solvency Assessment (ORSA).

    August 02, 2022 WebPage Regulatory News
    News

    EBA and ECB Respond to Proposals on Sustainability Disclosures

    The European Banking Authority (EBA) and the European Central Bank (ECB) published their responses to the consultations of the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) on sustainability-related disclosure standards.

    August 01, 2022 WebPage Regulatory News
    News

    BIS Report Notes Existing Gaps in Climate Risk Data at Central Banks

    A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.

    July 29, 2022 WebPage Regulatory News
    News

    EBA Publishes Multiple Regulatory Updates for Regulated Entities

    The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.

    July 29, 2022 WebPage Regulatory News
    News

    EIOPA Issues SII Taxonomy and Guide on Sustainability Preferences

    The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy.

    July 29, 2022 WebPage Regulatory News
    News

    EESC Opines on Proposals on CRR and European Single Access Point

    The European Union published, in the Official Journal of the European Union, an opinion from the European Economic and Social Committee (EESC); the opinion is on the proposal for a regulation to amend the Capital Requirements Regulation (CRR).

    July 29, 2022 WebPage Regulatory News
    News

    HM Treasury Publishes Multiple Regulatory Updates in July 2022

    HM Treasury published a draft statutory instrument titled “The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022,” along with the related explanatory memorandum and impact assessment.

    July 29, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8423