The Solvency II Directive empowers the Commission to adopt delegated and implementing acts, including technical standards and implementing acts setting out the information for the calculation of technical provisions and basic own funds.
The Commission adopted a report addressed to the European Parliament and the Council specifying how it has exercised these delegated powers.
Regulation (EU) 2015/35 bundles the delegated acts under Solvency II and sets out detailed requirements for applying the Solvency II framework. It is the core of the single prudential rule book for insurance and reinsurance firms. The Solvency II delegated regulation covers, among other things
- assets and liabilities valuation, including the so-called long-term guarantee measures
- how to set the level of capital for asset classes an insurer may invest in
- the eligibility of insurers’ own fund items to cover capital requirements
- how insurance companies should be managed and governed
- assessing the equivalence of non-EU countries' solvency regimes with EU rules
- rules on the use of 'internal models' to calculate requirements on solvency capital
- specific rules related to insurance groups
- simplified methods and exemptions to make Solvency II easier to apply for smaller insurers
Since the initial adoption in 2015, the Solvency II Delegated Regulation has been amended several times.
Latest
- 7 August 2024Publication in the Official Journal
- 2 July 2024Publication in the Official Journal
- 15 May 2024Publication in the Official Journal