Solvency II review: The schedule
The European supervisory and regulatory system Solvency II is currently under review. The draft report for the European Parliament is now available. Here is an overview of the most important stages and the positions of the German insurance industry:
1st quarter 2023
Expected: Trilogue between European Parliament, EU Commission and Council
Expected: Vote in the European Parliament
Expected: Vote in the European Parliament
Draft of the Rapporteur in the European Parliament on Solvency II and on the Recovery and Resolution Directive
Legislative proposals of the EU Commission published
On 22 September, the EU Commission presented its legislative proposals for amending the Solvency II Directive and for a new Recovery and Resolution Directive. In addition, it provides information on future amendments to the Delegated Regulation that are being considered by the Commission in the course of the Solvency II review.
EIOPA presents Advice on the 2020 Review
The date was postponed to December in order to be able to take into account the effects of the Covid 19 pandemic. The basis is the extended impact assessment with a deadline of 30 June 2020.
GDV on consultation of the EU Commission
The EU Commission has presented its proposals for the review of Solvency II for discussion. GDV warns against an excessive tightening of rules - because this would not bring more, but less stability into the system. The review should be used to provide new impetus for long-term investment and growth.
GDV on EIOPA's Impact Assessment
GDV on the EU Commission's roadmap
The insurance industry is ready for an ecologically and economically sustainable investment offensive to overcome the Corona crisis. It is now important to facilitate long-term investments in the course of the revision of Solvency II, GDV emphasises in its statement on the EU Commission's 'roadmap' for the review process.
EIOPA's Complementary Information Request
With the publication of the test documents, EIOPA's Complementary Information Request has started. With this partial repetition of the holistic impact study carried out in spring, EIOPA wants to get a better assessment of how the changed capital market situation and business situation due to the Covid 19 pandemic affect the results. The deadline is 30.06.2020. The processing period for the affected companies runs until 14 September 2020.
Consultation of the EU Commission
The EU Commission started its High-Level Consultation on the Solvency II Review on 1 July. The consultation is explicitly aimed not only at the insurance industry, but also at insured persons, consumer protection organisations and other financial market players. The consultation is based on a six-page roadmap with problem definition and objectives and a 35-page consultation document with questions for the stakeholders. Responses are due by 21 October.
EIOPA proposals on reporting requirements go in the right direction
EIOPA has put forward revision proposals for Solvency II reporting for discussion. They contain many positive aspects, but GDV is critical of the elements that could make reporting even more complex.
Solvency of the insurance industry stable before Corona
German insurers are well prepared even for extreme loss events, which statistically occur only once in 200 years. This is shown by a GDV evaluation of the Solvency II figures presented for 2019.
|EIOPA data query (impact assessment)|
GDV on the EIOPA consultation on the 2020 Review
The Association has taken the opportunity to comment in detail on all topics of the consultation. The next step is EIOPA's impact study.
Request for Advice from the European Commission
On 11 February 2019, the European Commission gave the go-ahead for the review of Solvency II. With a Request for Advice, the Commission has commissioned EIOPA with technical investigations. This is to include stakeholder consultations and data collection. The review covers 19 topic areas. EIOPA's recommendations to the Commission are due on 30 June 2020. Update: Due to the Covid 19 pandemic, the deadline has been postponed to December 2020.