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.
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.
> Directive of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)
Challenges & Solutions
- Reporting obligation to national competent authorities (pillar 3)
- Financial data enhancement and look-through approach
- Solvency Capital Requirement (SCR) calculation
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
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
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