Delegated Acts and implementing technical standards, and these are further supported by level 3 guidance from EIOPA and enforcement by the European Commission. This document is an excerpt from the EUR-Lex website, Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) Text with EEA relevance, Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) Text with EEA relevance, OJ L 12, 17.1.2015, p. 1–797 (BG, ES, CS, DA, DE, ET, EL, EN, FR, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV), In force: This act has been changed. The European Commission enacted a delegated act with implementing provisions for Solvency II on 10 October 2014. 1.5 The Solvency II balance sheet The Solvency II balance sheet is summarised in the following diagram: 1.5.1 Valuation of assets Introduction; 2. On 8 July 2019, the majority of a new Regulation (Commission Delegated Regulation 2019/981) came into force. Experts broadly supported the Commission's draft for an amendment to the Solvency II Delegated Act that was presented, including the deviations from EIOPA's technical advice. It evidently means that influencing the content of Solvency II's Delegated Acts remains in the hands of a chosen few, for example, when Dr Wiedner noted (in AOB) that 'Member States' will get to see draft Delegated Acts before they are finalised in trimester 2 of this year, I think he meant the representatives in the room, not us! Some experts Insurance Supervisors Conference (ISC) recommends introducing additional parameters in solvency evaluation in report Current consolidated version: 30/07/2020, ELI: http://data.europa.eu/eli/reg_del/2015/35/oj, Use quotation marks to search for an "exact phrase". Comments are most helpful if they: x respond to the question stated, where applicable; 2.1 Organisational requirements; 2.2 Operating conditions; 2.3 Risk management Omnibus II/Solvency II e il nuovo Trattato di Lisbona Prima della Proposta di Direttiva Omnibus II, le misure di secondo livello del processo Lamfalussy erano definite “Implementing Measures” “Omnibus II”, rifacendosi al trattato di Lisbona, distingue tali misure in “Delegated Acts” (DA) e “Implementing Acts… EIOPA: PARERE ALLA COMMISSIONE UE IN MATERIA DI FINANZA SOSTENIBILE “EIOPA submits advice on Sustainable Finance to the European Commission” (News, 03 maggio 2019) “EIOPA’s Technical Advice on the integration of sustainability risks and factors in the delegated acts under Solvency II and IDD” (EIOPA-BoS-19/172, 30 April 2019) delegated acts under Solvency II and IDD (EIOPA-BOS-18/483). Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) Text with EEA relevance The Commission shall adopt delegated acts in accordance with Article 301a specifying the calculation of the Minimum Capital Requirement, referred to in Articles 128 and 129. Consultation Paper on Technical Advice on the integration of sustainability risks and factors in the delegated acts under Solvency II and IDD (EIOPA-BoS-18/483) Responding to this paper; 1. This document is an excerpt from the EUR-Lex website, Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) Text with EEA relevance, Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) Text with EEA relevance, OJ L 12, 17.1.2015, p. 1–797 (BG, ES, CS, DA, DE, ET, EL, EN, FR, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV), In force: This act has been changed. EIOPA … Finanza sostenibile . Append an asterisk (, Other sites managed by the Publications Office, http://data.europa.eu/eli/reg_del/2015/35/oj, Portal of the Publications Office of the EU. Current consolidated version: 30/07/2020, ELI: http://data.europa.eu/eli/reg_del/2015/35/oj, Use quotation marks to search for an "exact phrase". Find links to implementing and delegated acts for Directive 2009/138/EC on Solvency II, including equivalence decisions. The Discussion Paper is EIOPA’s first step in the preparation of its response to the Call for Advice received from the European Commission in July 2016. The Solvency II Directive empowers the Commission to adopt delegated and implementing acts to specify how competent authorities and market participants shall comply with the obligations laid down in the directive. The structure of the technical advice also reflects the specific issues referred in the When the Delegated Acts were implemented, the EC expressed its intention to review specific items of the Solvency II standard formula before December 2018.. In August 2018, EIOPA had received a request from EC to provide technical advice on potential amendments to, or introduction of, delegated acts under the Solvency II Directive and IDD with regard to the integration of sustainability risks and sustainability factors. EIOPA welcomes comments on its draft technical advice regarding possible amendments to the delegated acts under Solvency II and IDD concerning the integration of sustainability risks and factors. Executive Summary. and the review of specific items of the Solvency II Capital Requirement tandard formula S “ SCR( review ”). Detail their priorities as ITS, Guidelines and contributing to the Delegated Acts debate, in that order; Note that over 15% of guidelines under construction are not applicable on "day-one"! "A single reference point is welcome provided it is comprehensive, user friendly and up-to-date. This briefing focuses primarily on this EIOPA issued its first set of draft Solvency II Guidelines in June this year. • On Monday 8 July 2019 many of the changes came into effect. The rules aim to ensure that policyholders throughout the European Union enjoy the same level of protection, no matter where they buy insurance. Append an asterisk (, Other sites managed by the Publications Office, http://data.europa.eu/eli/reg_del/2015/35/oj, Portal of the Publications Office of the EU. the amendment to the Solvency II Delegated Regulation for infrastructure corporates. Scrutiny Session of 16 May 2018 . For ease of navigation, we have included these changes under six main headings: • Non-Life and NSLT Health Catastrophe Risk • FP (future) for Non-Life and NSLT Health Underwriting Risks • Counterparty Default Risk • Market Risk • Deferred Changes A large number of delegated acts, binding technical standards (BTS) (both regulatory technical standards (RTS) and implementing technical standards (ITS)) and guidelines have been produced by the European Commission and EIOPA under Solvency II. Solvency II Standard Formula Is Changing • The proposed amendment to the Delegated Acts was released on 8 November 2018. The Commission shall be empowered to adopt delegated acts in accordance with Article 39 concerning Articles 25, 28, 29 and 30. simple, transparent, and standardised (STS) Securitisation investments by insurers . Review of the Solvency II implementing measures . Level 2: Delegated Act. ( 14 ) Consultation paper on integrating sustainability risks and factors in MIFID II (ESMA 35-43-1210) e Delegated Acts. The Directive takes into account: the new European supervisory architecture (establishment of EIOPA), the legislative procedures foreseen by the Lisbon Treaty (including the possibility for the European Commission to issue Delegated acts and Technical standards in some areas), Solvency II: Impact Assessment-Considerazioni ANIA sui risultati emersi in Italia 4 Mar 22 o Livello 1 Direttiva quadro Livello 2 Delegated Acts (DA)/Implementing Acts (IA) Impact assessment Long-term Guarantees Impact Assessment (IA) EIOPA Pubblicazione Report EIOPA Europea sui risultati dell’IA dicembre Accordo del trilogo sulle Terms of The European Commission published the Solvency II Delegated Regulation (Delegated Acts) on 17 January 2015. Although addressed to national competent authorities (NCAs), they have a direct impact on authorised (re)insurers. A risk-based regime for Europe Since 1 January 2016, Europe’s insurers have been governed by a set of rules called Solvency II. by 2021, the Commission adopted further amending delegated acts, relating to the treatment of . These acts define among others a set of data to be reported by the undertakings (in particular in the Reporting Templates and supporting Business Logs). EIOPA welcomes comments on its draft techni cal advice regarding possible amendments to the delegated acts under Solvency II and IDD concerning the integration of sustainability risks and factors. In this context, in a call for advice in July 2016, EIOPA has been requested to provide technical advice by 31 October 2017 (partial advice can be submitted earlier). Authority (EIOPA) published today a Discussion Paper on the Review of Specific Items in the Solvency II Delegated Regulation focusing on the Solvency Capital Requirement (SCR) standard formula. The Delegated Regulation sets out important information and requirements, regarding adoption of the balance sheet, determining own funds, capital requirements, the internal operations requirements, internal models, reporting and group supervision under Solvency II. This briefing has been drawn up to support ECON’s work on the scrutiny of delegated acts, in particular as ... EIOPA suggests the Commission addresses this by modelling the interest rate risk with a that EIOPA on Solvency II Planning in 2014/2015. Technical advice on delegated acts under Solvency II. significant changes to the Solvency II Delegated Acts, under this amending Regulation. introduces economic risk-based capital requirements across all EU Member States for the first time EIOPA has structured its technical advice in two parts: a section related to those issues affecting the provisions of delegated acts under Solvency II and another section related to those issues affecting the provisions of delegated acts under IDD. With respect to the amendments to the Solvency II Delegated Acts proposed in the EIOPA consultation paper, the insurance industry appreciates that: The European insurance industry supports the sustainability initiatives aimed at facilitating the transition to a more sustainable economy. In general, we expect the Basic Solvency Capital Requirement (“BSCR”) to increase for companies writing non-life business – particularly those with material (European) property, marine and aviation portfolios. The Solvency II Directive (2009/138/EC) provides the framework for a solvency and supervisory regime for insurers and reinsurers in the EU. The Guidelines are set out in five papers and include around 500 individual guidelines. Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) Text with EEA relevance Other related sources. Solvency II is the most sophisticated in the world. On 31 July 2020, EIOPA launched its "Solvency II Single Rulebook" to "[enable] the navigation across different legal acts such as the Directive, Delegated and Implementing Regulation, as well as EIOPA Guidelines, Recommendations, Opinions and Supervisory Standards. Finally, we welcome the intention of EIOPA to remain consistent in the way the requirements for sustainability risks are expressed when compared with other risks in the Solvency II Delegated Regulation, as well as the effort to ensure discretion for the insurance company to take the across sectors and requested EIOPA and ESMA to provide technical advice by no later than 30 April 2019.On 28 November 2018, EIOPA launched a Public Consultation on the draft Technical Advice on the integration of sustainability risks and factors in the delegated acts under Solvency II … SII Delegated Acts [2015/35] SCR for infrastructure and other categories of assets [2016/467] review of Solvency II. Following the approval of the European Parliament and the Council of the European Union, this was published on 17 January 2015 as Delegated Regulation (EU) 2015/35 and entered into force on the following day. The Consultation Paper with the draft technical advice is published in EIOPA's website: https://eiopa.
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