Overview
The implementing measures for Solvency II, level 2, published in the European Union's Official Journal of 17 January 2015, represent a key step towards implementation of the directive, which are applied to European insurance companies since 1 January 2016.
The aim of the directive is to develop internal organisation and assessment models to manage risks and guarantee solvency.
MAIN PROVISIONS
The directive is based on three pillars:
- The first pillar sets out the quantitative financial requirements.
- The second pillar makes the setting up of a risk management body compulsory.
- The third pillar states the information that must be provided to the supervisory authorities and the public for better transparency.
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Challenges & Solutions
MAIN CHALLENGES
- Reporting obligation to national competent authorities (pillar 3)
- Financial data enhancement and look-through approach
- Solvency Capital Requirement (SCR) calculation
CACEIS'S SOLUTIONS
CACEIS offers asset managers and insurance companies tailor-made solutions for the production of reporting in compliance with Solvency II Directive.
- Inventories recovery, data enhancement and look-through
- Quarterly look-through inventories
- Calculation of aggregates of the gross market SCR
Key dates
- 11 March 2014
The Omnibus II Directive adopted by the European Parliament
- 22 May 2014
Publication of the Omnibus II Directive in the OSEU
- 10 October 2014
The European Commission adopted the delegate Act
- 12 January 2015
Level 2, end of the objection period
- 31 March 2015
End of Solvency II Directive transposition period
- 2015
Submission to the European commission of Level 3 text
- 1 January 2016
Application of the Solvency II regime
- 26 November 2018 - 30 January 2019
EIOPA consultation on the integration of ESG criteria into the Solvency II Directive.
- 1 July 2020
Public consultation on the revision of the SolvencySolvency II Directive (closed 21 October 2020)
- 2 August 2021
Publication of a Delegated Act to the Solvency II Directive in the OJEU to ensure the integration of ESG factors and sustainability risks into the Directive
- 1 August 2022
Entry into force of the Delegated Act amending Delegated Regulations 2015/35/EU
