EIOPA launched a consultation on the 2020 review of Solvency II.
The is meant to respond to the call for advice of the European Commission of 11 February 2019 on the 2020 review of Solvency II.
The call for advice comprises 19 separate topics. Broadly speaking, these can be divided into three parts.
- Firstly, the review of the long term guarantee measures. These measures were always foreseen as being reviewed in 2020, as specified in the Omnibus II Directive. A number of different options are being consulted on, notably on extrapolation and on the volatility adjustment.
- Secondly, the potential introduction of new regulatory tools in the Solvency II Directive, notably on macro-prudential issues, recovery and resolution, and insurance guarantee schemes. These new regulatory tools are considered thoroughly in the consultation.
- Thirdly, revisions to the existing Solvency II framework including in relation to freedom of services and establishment; reporting and disclosure; and the solvency capital requirement.
Stakeholders are invited to respond to the consultation by 15 January 2020. EIOPA is due to finalise its work on the 2020 review in June 2020.
EIOPA presentation on the Solvency II 2020 review.pdf
EIOPA has published the public responses to the 2020 review consultation on its website. A zipfile with all the answers can be downloaded directly from here. The webpage where the zipfile is published is here.