The EU-Commission had requested EIOPA to provide technical advice on the review of the Solvency II Directive by 30 June 2020. As a consequence of the Covid-19 pandemic this timeline has been revised. Advice will now be delivered at end of December 2020. In line with the requirement of Article 77f (2), EIOPA will provide its technical advice in the form of an opinion. They will consider the comments received from stakeholder on two consultation papers published in 2019. The Actuarial Association of Europe (AAE) has commented on both papers. The new timeline will allow an assessment of the impact of Covid-19 on the Solvency II review.

Overall, the objective of this web session is to inform participants of EIOPA’s opinion. We will present EIOPA’s advice and discuss deviations from our stance on these issues. In doing so the focus will be on topics with a strong actuarial relevance.

From today’s perspective the proposed treatment of the long-term guarantee measures including the extrapolation of the risk-free interest rate, the volatility adjustment and transitional measures will be of utmost interest. The risk margin calculation, the interest rate down-stress and possible extensions of the framework by macroprudential elements will deserve our closer attention. This list can of course not be conclusive. The final decision concerning the content depends on EIOPA’s opinion.