EIOPA Opinion on the Solvency II 2020 review This follows several consultation papers produced by EIOPA in 2019 and impact assessments carried out during 2020. Since its adoption in 2014, the Delegated Regulation has already been amended three times. “Since its implementation, Solvency II has proved an effective framework, so our review will not question the fundamentals. Transitional measures The EC has asked EIOPA to review the existing interim measures optionally available to (re)insurers to assess whether they are appropriate from a policyholder’s protection perspective. We also cover a separate request that the Commission has issued to EIOPA related to insurers’ asset and liability management which is also part of the 2020 review process. The Opinion, which consists of a proposed package of measures, will be used as input for the European Commission to draft a legislative proposal which will be discussed with the European Council and European Parliament in the coming years. Following that, EIOPA provided advice on the review of the Solvency Capital Requirement Standard Formula. NN Group has taken note of EIOPA’s Opinion to the European Commission on the Solvency II review published on 17 December 2020. While the fundamental principles of the Solvency II Following receipt of comments on the consultation paper, EIOPA published the information required from insurers and reinsurers on the impact of the draft advice for the review of Solvency II. The European Insurance and Occupational Pensions Authority (EIOPA), in close coordination with the European Commission, has revised its timetable for advice on the 2020 Solvency II Review to December 2020. EIOPA should address to the Commission any question it might have concerning the clarification of the text of the legislative act, which it should consider of relevance to the preparation of its technical advice. EIOPA provided its technical advice in form of an Opinion on 17 December 2020. The Consultation Paper on the Opinion on the 2020 Review of the Solvency II Directive was published on 15 October 2019. Sol­vency-II-Review: Der Zeit­plan. EIOPA supports the ex-post evaluation of the regulatory regime as an important element of better regulation by contributing to a rigorous, evidence-based and transparent review of Solvency II. The European Insurance and Occupational Pensions Authority (EIOPA) has published its Opinion on the Solvency II 2020 Review. Advice will now be delivered at end of December 2020. The review of the FD started with a Call for Advice to EIOPA, launc… It is worth nothing that EIOPA also proposed updates to the interest rate risk calculation in the 2018 Solvency II review. In the final section we provide an update on the latest news in relation to the 2018 interim review of the Solvency II Delegated Nevertheless, there are also gaps in the framework, and the forthcoming review of Solvency II is a unique opportunity to close these gaps in the years to comer sooner if the situation , o … The European Commission has asked EIOPA to provide technical advice for a comprehensive review of the Solvency II Directive. The amendments related mainly to the reduction of capital charges for long-term investments and particularly for investments in infrastructure. Hier die wichtigsten Etappen und die Positionen der deutschen Versicherungswirtschaft im Überblick: Recital 150 of the Solvency II DA foresees a review of the methods, assumptions, and standard parameters used for the calculation of the Solvency Capital Requirements (SCR) with the standard formula. Mit dem vorliegenden Konsultationspaket reagiert EIOPA auf den „Call for Advice“der Europäischen Kommission vom 11. Solvency II and am hereby transmitting to you the ESRB General Board’s position on Solvency II. The 2020 Solvency II review intends to bring about several changes to the Solvency II Framework Directive. As Solvency II celebrates its fifth anniversary, the European Commission is moving forward with a review of the system that will shape its operation over the coming years. 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. Das europäische Aufsichts- und Regulierungssystem Solvency II wird derzeit in einem mehrstufigen Prozess überprüft -über Änderungen wird der europäische Gesetzgeber voraussichtlich 2022 beraten. Gradual reviews have been undertaken since then to ensure that the regime remains fit for purpose. EIOPA’s approach has been “evolution not revolution”. The consultation covers a wide range of topics in detail and builds on recent reviews on aspects of Solvency II, including reporting requirements, insurance guarantee schemes, as well as EIOPA’s earlier advice on SCR This is not the first review of the Solvency II regime. In an early first phase, the Commission adapted the Solvency II Delegated Regulation to review the treatment of infrastructure investments and the treatment of simple, transparent and standardised (STS) … Nevertheless, there are also gaps in the framework, and the forthcoming review of Solvency II is a unique opportunity to close these gaps in the years to come. Responses to the draft technical advice are invited by 15 January 2020 to enable EIOPA to publish a final opinion by June 2020. Solvency II The EIOPA Chairman Gabriel Bernardino spoke at the Public Hearing on the 2018 Review of the Solvency II Delegated Regulation in Brussels. 2. On 15 October 2019, the European Insurance and Occupational Pensions Authority (EIOPA) published a draft opinion on technical advice for the 2020 review of the Solvency II Directive (2009/138/EC). In 2020, the Commission is conducting a review of the Solvency II Directive in line with the legal mandate. review of the whole Solvency II framework. EIOPA published its consultation paper on the 2020 review of the Solvency II regime (the consultation) on 15 October 2019. EIOPA, the European Insurance and Occupational Pensions Authority, recently published their highly anticipated opinion concerning the review of Solvency II. Februar 2019. EIOPA’s project on the review of the Solvency capital requirement standard formula under Solvency II, available at https://eiopa.europa.eu/regulation-supervision/insurance/scr-standard-formula-review (accessed 21 April 2017). It has defined a single rule book for risk based capital requirements and advanced risk management. On 25 June 2019 EIOPA published a first wave of consultation papers on its proposals for the 2020 Review regarding supervisory reporting and public disclosure and insurance guarantee schemes. The EU – Commission had requested EIOPA to provide technical advice on the review of the Solvency II Directive by 30 June 2020. In this, the first of two webinars, we highlight and discuss some key elements of EIOPAs opinion. He highlighted the need to ensure that "the regime remains fit-for-purpose, works for insurance companies of all sizes and types, and that we continue to preserve regulatory certainty." EIOPA: timetable for advice on Solvency II Review revisited 06/2020 EIOPA, in close coordination with the European Commission, has decided to deliver its advice to the European Commission at the end of December 2020, to take into account the importance of assessing the impact of the current COVID-19 situation on the Solvency II Review. Solvency II harmonised the prudential framework for insurers and reinsurers in the EU with its entry into application on 1 January 2016. You can find a summary of this review in our blogpost dated 9 July 2019, “A guide to Solvency II review”. The measures proposed aim at keeping the regime fit for purpose by introducing a balanced update of the regulatory framework, reflecting better the economic situation and completing the missing elements … 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 … As part of the 2020 Review, EIOPA has been asked to assess the current supervisory reporting and public disclosure requirements. EIOPA supports the ex-post evaluation of the regulatory regime as an important element of better regulation by contributing to a rigorous, evidence-based and transparent review of Solvency II.
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