In September 2021, the European Commission (EC) published a comprehensive review of the Solvency II directive, based on extensive work conducted by EIOPA. The proposed amendments were provided to the European Parliament for their consideration and approval.
The European Parliament's Committee on Economic and Monetary Affairs (Econ) has recently approved many of the amendments to the EU's Solvency II rules and the new directive on recovery and resolution of insurers. These changes are poised to reshape the regulatory landscape for insurers operating within the European Union.
After more than a year of deliberation, Econ members voted on various compromises and amendments, resulting in a majority approval of the Solvency II proposals. An implementation date for the amended directive of January 1st, 2026, has been proposed by Econ.