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ARTICLE · 23 JUNE 2021

2020 Review Of Solvency II

Grant Thornton
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EIOPA's review of the Solvency II framework, the purpose of which was to ensure that the Solvency II regime remains fit for purpose, concluded with the submission to the European Commission and publication of EIOPA's ...

IrelandInsurance
Stephen Tennant
Stephen Tennant
Christopher Rogers
Christopher Rogers
David Pauley
David Pauley

EIOPA's review of the Solvency II framework, the purpose of which was to ensure that the Solvency II regime remains fit for purpose, concluded with the submission to the European Commission and publication of EIOPA's 'Opinion on the 2020 review of Solvency II' on 17 December 2020.

The European Commission's proposal on the EIOPA submission is expected in Q3 2021.

Three broad themes emerged from EIOPA's review:

  • the need for proper recognition of the economic situation, with specific focus on the capital requirement for interest rate risk. For example, EIOPA has proposed an increase in the capital requirement for the interest rate to reflect the steep fall of interest rates experienced in recent years and the existence of negative interest rates.

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