EIOPA Solvency II News

Solvency II

28 August 2020

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." A single reference point is welcome provided it is comprehensive, user friendly and up-to-date. EIOPA invites feedback to "ensure the Single Rulebook meets users’ needs." To date, the EU's "EUR-Lex" website has been my "go to" site for consolidated versions of the Directive and Delegated Regulation (EU) 2015/35 with amendments and corrections clearly identified.

On 27 July 2020, EIOPA stated that insurers should now be in condition to comply with the deadlines provided in the Solvency II framework. The PRA accepted delays of up to 4 weeks for Q1 submissions. OAC worked with the insurance consulting clients to meet the (unchanged) Q2 submission deadline of 4 August 2020. The next 2020 quarterly reporting deadlines are 4 November 2020 and 4 February 2021.

The European supervisor also stated that insurers "are expected to report in the Solvency II solo quarterly Own Funds template (S.23.01) with a reference date between 30 June and 31 December 2020, a calculation (if it is available as of reference date) or at least an estimation of the Solvency Capital Requirement at the end of each quarter reference date instead of the last calculated one...." Given the significant changes in assets in March 2020 and downward shift in valuation interest rates, it was important that the Q1 calculation of the SCR reflected the changed circumstances. With no exemption from reporting S.23 at Q2, calculated SCRs were indeed reported. OAC will work with clients to calculate/estimate the SCR reported in S.28 for the end September and end December quarterly reporting, with the majority of OAC's insurance clients exempt from reporting S.23.

David Gray, Actuarial Consultant, comments: “Anything that allows easier access to a consolidated version of all the rules in a single place has got to be most welcome.”

David Gray

For more information
David Gray
Consultant Actuary

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