12/02/2019 European Commission published a formal request to EIOPA for technical advice on the review of the Solvency II Directive The request (second document), accompanied by a cover letter (first document), relates to the 2020 review. The Commission seeks EIOPA’s technical advice on 19 areas by 30 June 2020.
The following elements are included:
3.15 Reporting and disclosure
EIOPA is asked to assess, taking into account stakeholders’ feedback to the Commission public consultation on the fitness check on supervisory reporting:
The ongoing appropriateness of the requirements related to reporting and disclosure, in light of supervisors’ and other stakeholders’ experience;
Whether the volume, frequency and deadlines of supervisory reporting and public disclosure are appropriate and proportionate, and whether the existing exemption requirements are sufficient to ensure proportionate application to small undertakings.
3.16 Proportionality and thresholds
EIOPA is asked to assess whether proportionality in the application of the Solvency II framework could be enhanced, and in particular in the following areas:
The appropriateness of the thresholds for the exclusion from the scope of solvency II, as defined in Article 4 of Directive 2009/138/EC
The possibility to waive certain requirements relating to any of the three Pillars of the framework based on size thresholds or the nature of the undertaking or of its risks;
Rules for the simplified calculation of sub-modules that form an immaterial part of the Solvency Capital Requirement of an individual insurance or reinsurance undertaking.