Media Will Solvency II Be Fit for Purpose?

Will Solvency II Be Fit for Purpose?

uploaded January 25, 2023 Views: 434 Comments: 0 Favorite: 10 CPD

Having Solvency II fit for purpose is an important goal of the current review. While the review of some rules is mandatory and required already in the framework, changes in politics and economy have gained in importance. Consideration of political requirements, sustainability and macro-prudential aspects will broaden the scope of the Solvency II framework.

The final adoption of a modified Directive requires approval by Council, Parliament, and Commission. The negotiations in this regard will not start before next year, then based on a positioning of each of these trilogue parties. The available amendments to the Directive proposed by these parties reveal significant differences.

This web session aims at providing an overview of these amendments and discussing different views and how and to which extent these can contribute to an improvement of the framework. An assessment of the fitness for purpose can differ considerably, contingent on the expectation of the interested parties. We will focus on proposed changes that might particularly affect the work of actuaries and risk managers. Besides quantitative requirements effects on Pillar 2 and Pillar 3 will be included. Commission has drafted a new Insurance Recovery and Resolution Directive. Some of the proposed topics of this new Directive and the connection with Solvency II will be presented as well.

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