Insurance Newsletter – Issue No. 4

Council agrees position on the updated rules for Solvency II

On 17 June 2022, the Council of the EU (the ''Council'') published its position on the proposed amendments that are in the pipeline for Solvency II (the ''Position''). The Council inter alia proposed changes to capital requirements and changes aimed at reducing the administrative burden on insurers.

In its Position, the Council further outlined that the European Insurance and Occupational Pensions Authority (''EIOPA'') should be given a wider portfolio of tasks, which includes:

1. the preparation of a report on the assessment of risk related to biodiversity loss by insurers, along with natural disasters and climate related risks, consistently with the Green Deal; and