February 2012: Third Country Equivalence under Solvency II
In February 2012, the Commission wrote to EIOPA indicating the list of third countries with which it has informally discussed a potential transitional regime for third country equivalence under Solvency II.
November 2011: Third Country Equivalence under Solvency II
In November 2011, the Commission wrote to EIOPA thanking them for their assessments
on the equivalence of the Swiss, Bermudan and Japanese solvency and prudential regimes
with Solvency II and asking for them to undertake further work in preparation for a
transitional regime for third country equivalence.
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
- Letter of Director-General Jonathan Faull to CEIOPS
July 2010: Fifth Quantitative Impact Study: Call for Advice and Technical Specifications
The Commission services have sent CEIOPS the following Call for Advice along with the final technical specifications for the fifth quantitative impact study on Solvency Ⅱ (QIS5). European insurance and reinsurance undertakings are being asked to participate in the QIS5 exercise from August to November 2010. CEIOPS will publish the report on the results of the QIS5 exercise in April 2011.
The Commission services carried out a targeted consultation on a draft version of the
QIS5 technical specifications between 15 April and 20 May 2010. This consultation included several meetings with industry stakeholders, CEIOPS representatives and Member States. QIS5 was also discussed at the
Public Hearing on Solvency Ⅱ which took place on 4 May.
Many of the comments received have been taken on board in updating the QIS5 technical specifications. There have been a number of changes between the draft technical specifications that were consulted on and the final technical specifications. The main changes are set out in the Commission’s letter to CEIOPS also published today.
June 2010: Third Country Equivalence under
Solvency Ⅱ
In June 2010, the Commission wrote to CEIOPS regarding the next steps
in the Solvency Ⅱ equivalence workstream.
May 2010: Public Hearing on Level 2 implementing measures for Solvency Ⅱ
The “Internal Market and Services” Directorate General of the European Commission hosted a Public Hearing on Level 2 implementing measures for Solvency Ⅱ on Tuesday, 4th May 2010, in Brussels.
The public hearing provided a unique opportunity to hear the views of a range of stakeholders on the key issues relating to Solvency Ⅱ and was attended by insurance and reinsurance undertakings, supervisory authorities and consumer groups. Over 320 people attended.
Commissioner Barnier’s opening speech was followed by panel discussions and Q&A on the level 2 implementing measures, QIS5, valuation and pillar Ⅱ and Ⅲ and equivalence issues. Director General Jörgen Holmquist gave the closing address.
April 2010: Fifth Quantitative Impact Study: Consultation on Call for Advice and Technical Specifications
The European Commission has today published for consultation draft
technical specifications for the fifth Quantitative Impact Study
(QIS5) exercise that will be run from August to November this year.
The QIS5 consultation package comprises the following documents:
- Cover note
- Draft Call for Advice
- Draft QIS5 technical specifications
- Relevant risk-free interest rate term structures for QIS5
- CEIOPS risk-free rate extrapolation tool
- Parameters for non-life catastrophe risk
- CEIOPS QIS5 Calibration paper (corrected)
- CEIOPS QIS5 Calibration paper for spread risk
- CFO Forum/CRO Forum paper on risk-free rates
- CEIOPS paper on extrapolation of risk-free rates
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.
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.
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