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Solvency – Archives

December 2012: Letter from Jonathan Faull, Director General Internal Market and Services, to Gabriel Bernardino, Chair of EIOPA, on a technical assessment for Solvency II

In December 2012, the Commission agreed with the European Parliament and the Council of the EU to ask EIOPA for a technical assessment of the impact of Solvency II on insurance products with long-term guarantees. EIOPA will publish technical specifications for the assessment on its website by the end of January 2013.

November 2012: Letter from Commissioner Barnier to Gabriel Bernardino, Chair of EIOPA

In November 2012, the Commission responded to a letter received from Mr Bernardinopdf concerning the timetable for the implementation of the Solvency II Directive (2009/138/EC). The letter asks EIOPA to focus on a speedy implementation on some of the qualitative aspects of the Solvency II framework, such as effective systems of governance and risk management.

September 2012: Letter from Jonathan Faull, Director General Internal Market and Services, to Gabriel Bernardino, Chair of EIOPA

In September 2012, the Commission wrote to EIOPA asking them to examine the Solvency II calibration and design of capital requirements for investments in certain assets relevant to ”long-term finance“ in the EU

June 2011:

March 2011: EIOPA publishes results of Fifth Quantitative Impact Study (QIS5)

The European Insurance and Occupational Pensions Authority (EIOPA) published the QIS5 report on 14 March 2011. QIS5 is the fifth and last full quantitative impact study before the Solvency II regime is implemented and the publication of the QIS5 report represents a key milestone in the finalisation of the Solvency II project.

The Commission has published a press release welcoming the positive QIS5 results, but also acknowledging the need to make refinements to take into account the lessons learnt from the exercise and to reduce the complexity of the system.

Internal Market and Services Commissioner Michel Barnier said: “Solvency II will introduce on 1 January 2013 a modern, economic and risk-based regulation of insurance and reinsurance in all Member States. The study results are positive and suggest that the vast majority of European insurers will be in a position to meet the new capital requirements under Solvency II. The high participation rate, including amongst SMEs is also encouraging. Final refinements will now be made to take into account the lessons learnt from the exercise and to reduce the complexity of the system.”

January 2011: EIOPA replaces CEIOPS and the Commission proposes amendments to Solvency II

As from January 2011 the EU established three new European supervisory authorities (ESAs) and a European Systemic Risk Board (ESRB) to replace the former supervisory committees. In the area of insurance and pensions, the EIOPA (European Insurance and Occupational Pensions Authority) replaced the CEIOPS (Committee of European Insurance and Occupational Pensions Supervisors).

Following the launch of the new supervisory authorities, the Commission adopted a legislative proposal (the “Omnibus II” Directive) further clarifying the powers of the new authorities, particularly in the insurance sector. The Omnibus II Directive includes amendments to the Solvency II Directive.

November 2010: Consultation on Level 2 implementing measures for Solvency II

October 2010: Equivalence under Solvency II - Letter to CEIOPS

December 2009:

Publication in the Official Journal of the Solvency II Framework Directive, as adopted by Council and EP

November 2009: List of Policy Issues and Options for the Level 2 Impact Assessment of Solvency II

June 2009: Timetable for the development of Level 2 Implementing Measures

In June 2009, the Commission wrote to CEIOPS regarding the timetable for the development of Level 2 implementing measures

The Commission has also appointed Deloitte to conduct an external study assessing the potential impact of implementing measures, with a special focus on the areas of mass risks, health insurance, long-term savings, business to business insurance and administrative costs. The report will be presented as an appendix to the impact assessment on the Level 2 implementing measures.

April 2009: Institutional agreement on the Solvency II Framework Directive

After intensive negotiations between the Commission, the European Parliament and the European Council, the three institutions agreed on a compromise text for the Solvency II Framework Directive that was adopted by the European Parliament’s plenary session on 22 April 2009.

ECOFIN subsequently acknowledged the Parliament’s positive vote on 5 May 2009.

February 2008: Commission adopts an Amended Solvency II Proposal

In order to take account of the adoption of Directive 2007/44/EC of the European Parliament and of the Council of 5 September 2007 amending Council Directive 92/49/ EC and Directives 2002 83/EC, 2004/39/EC, 2005/68/EC and 2006/48/EC as regards procedural rules and evaluation criteria for the prudential assessment of acquisitions and increase of holdings in the financial sector as well as the adoption of the so-called Rome I Regulation on the law applicable on contractual obligations the Commission adopted an Amended Solvency II Proposal on 26 February 2008.

July 2007: Commission adopts the Solvency II Proposal

Following completion of the consultation process, the Commission adopted the Solvency II Proposal in July 2007:

The Commission also wrotepdf to CEIOPS regarding the subsequent phases of the project.