Revision of the Solvency II Directive
Analysis & Clarification of the Trialogue Negotiation
The 2020 Review of the Solvency II has entered the phase of political negotiation. While the positions of the European Commission and the European Council have already been made public, those of the European Parliament are still being developed. Under the guidance of MEP Markus Ferber, rapporteur of the text, an initial draft strongly promoting the release of capital for European insurers has been formulated.
- How are these publications structured?
- What are the short and medium-term impacts for insurers?
Find expert analysis from Addactis on the political timeline and uncertainties of the 2020 Solvency II review in this article.
2020 Review of the Solvency II Regulatory Reform
What is the Context?
Coming into force on January 1, 2016, the Solvency II directive included two review clauses:
- In 2018, concerning only the delegated regulation
- In 2020, concerning both the directive and the delegated regulation
As part of the 2020 review, the European Commission published a draft of amendments to the directive on September 22, 2021, to be debated and adopted within the European legislative process.
What Are the Latest Publications on the Subject?
- September 22, 2021: The European Commission published a draft of amendments to the directive
- June 6, 2022: The European Parliament published a draft of amendments to the directive
- June 17, 2022: The European Council published a draft of amendments to the directive
These three texts will represent the positions of the European Commission, the European Parliament, and the European Council as they begin the trialogue negotiation, though the Parliament’s document is still far from being its final position.
The Trialogue Negotiation: A Long and Complex Process
Access our presentation to understand why the trialogue negotiation is a lengthy and complex process. Discover examples of positions from the European Commission, the European Council, and the Parliament regarding the risk margin and the extrapolation of the yield curve.
Discover Other Publications on Solvency II
Want to learn more about the 2020 review of Solvency II and its major challenges? Check out our related content below:
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2020 Solvency II Revision: Anything new during the summer?
In June 2022, the ECON committee of the European Parliament began discussions on the Solvency II revision. The entire industry was anticipating a vote by the Parliament before the end of 2022 and a completed trialogue by the first half of 2023, with a publication in the Official Journal of the European Union in July 2023. What is the current status today?