​The European Commission has asked EIOPA to provide technical advice for a comprehensive review of the Solvency II Directive. EIOPA will provide that technical advice in form of an Opinion in June 2020.

Fact sheet on the 2020 review of Solvency II

Request of the European Commission for technical advice on the review of the Solvency II Directive https://ec.europa.eu/info/files/190211-request-eiopa-technical-advice-review-solvency-2_en

Consultation on technical advice on insurance guarantee schemes https://eiopa.europa.eu/Pages/News/Consultation-on-Advice-on-the-harmonisation-of-national-insurance-guarantee-schemes.aspx

Consultation on technical advice on reporting and disclosure https://eiopa.europa.eu/Pages/News/Consultation-on-supervisory-reporting-and-public-disclosure.aspx

Consultation on the EIOPA Opinion on the 2020 review of Solvency II

Information Request

Insurance and reinsurance undertakings and insurance groups from the European Economic Area and subject to Solvency II are requested to provide the following information in the context of the 2020 review of Solvency II:

Volatility adjustment 

  • Impact of two approaches to the calculation of the volatility adjustment (VA) on the solvency position

Solvency position of insurance and reinsurance undertakings

  • Impact of changes to the derivation of risk-free interest rate term structures for specific currencies
  • Impact of specific approach to the calculation of the best estimate of technical provisions
  • Information on equity risk exposures and the impact of changes to the equity risk sub-module of the SCR standard formula
  • Other information on the SCR standard formula calculation, in particular the impact of recalibrating the interest rate risk sub-module

Cost and benefits for insurance and reinsurance undertakings

  • Information on the cost and benefits of changes proposed for consultation

Solvency position of insurance groups

  • Information on impact on solvency of changes proposed for group supervision

Cost and benefits for insurance groups

  • Information on the cost and benefits of changes proposed for consultation

 

National supervisory authorities will contact a representative samples of undertakings and groups regarding the provision of information for each part of the request.

Insurance undertakings should submit the completed reporting templates to the respective national supervisory authority. The templates should be filled according to the instructions in the technical specifications and taking into account the technical information.

Specifications and templates

Technical specification VA

Reporting template VA (updated: 19 November 2019)

Technical specification solo

Reporting template solo (updated: 08 November 2019)

Technical information on risk-free interest rates

Technical information on interest rate risk (updated: 18 October 2019)

Survey on costs and benefits solo

Technical specification groups

Reporting template groups (updated: 19 November 2019)

Questions & Answers (updated: 19 November 2019)

Survey on costs and benefits groups

Timeline
16 Oct 2019Launch of the request to insurance and reinsurance undertakings and groups
6 Dec 2019Deadline for insurance and reinsurance undertakings and groups to submit results to national supervisory authorities
8 Jan 2020Deadline for national supervisory authorities to report to EIOPA