EAA Web Session: "Solvency II Review: Framewor Approaches Finalisation"

Einleitung/Dauer

The amended Solvency II Directive and a new Insurance Recovery and Resolution Directive (IRRD) entered into force on 28 January 2025. After transposition to national law, they will become applicable from 30 January 2027.

The Solvency II framework needs to be accompanied by Delegated Regulation, Regulatory or Implementing Technical Standards (RTS or ITS) or Guidelines. The respective empowerments are contained in the Directive. Drafts of several RTS and ITS have already been provided by EIOPA and put up for consultation since 2024. On 17 July 2025 the EU Commission published the draft version of the amendments to the Delegated Regulation.

Altogether, these documents now allow a reliable assessment of the impact on undertakings’ business. The three pillars of the Solvency II-system will be affected: quantification, governance, reporting and disclosure.

Basically, the IRRD shall be fully consistent with Solvency II. It requires the establishment of a separate authority to manage the resolution of insurance undertakings if a continuation of the business is assessed as non-viable. Although maximum harmonisation of the framework is not required, guidance is needed to ensure a harmonised application across countries. A first batch of drafts of RTS and Guidelines has already been published at the end of April 2025, specifying amongst others the content of pre-emptive recovery plans and resolution plans.

These and more general topics affecting the task of actuaries will be discussed. This web session will deal with the following topics:

• The amended SII-Directive
• SII: Proposed Delegated Regulation, Technical Standards and Guidelines
• The IRRD
• IRRD: Proposed Technical Standards and Guidelines

Vorgehensweise und Ziele

When entering into force on 30 January 2027 the complete Solvency II framework i.e. Delegated Regulation, Technical Standards and Guidelines needs to be available. The goal of this web session is to provide an overview of the current stage of development focussing on actuarial and risk management issues.

The IRRD requires the establishment of a resolution authority and thereby extends the scope of supervision. The related framework and its implications will be discussed as well.

Teilnehmer

The web session might be of interest to all persons dealing directly or indirectly with the solvency regime in their daily business. As deep actuarial knowledge is not required, participation can be beneficial for all who want to learn more about the status achieved and about the next steps required to complete the framework for the modified Directive and for the IRRD.

Technical Requirements
Please check with your IT department if your firewall and computer settings support web session participation (the programme Zoom will be used for this online training). Please also make sure to join the web session with a stable internet connection.

Dozierende

Siegbert Baldauf
Siegbert is a member of the German Actuarial Association (DAV) and a Certified Enterprise Risk Actuary (CERA). In more than 30 years, he has been performing executive functions in accounting, tariffing, economic valuation with life insurance companies of the ERGO group in Germany. For several years until his retirement in 2016, he acted as the Responsible Actuary for two life insurers of the group. Since 2013 he is chairing the SII-Working Group of the Actuarial Association of Europe (AAE).

Sprache/Kurztitel

The language of the web session will be English.