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The 2020 Solvency II Review: Do We Need a Solvency III?
This article is a revised version of a presentation, entitled “Was kommt nach Solvency II?”, made on 25th May 2021 at the Forschungsinstitut für Privatversicherungsrecht (Universität Salzburg). The opinions expressed in this article are only attributable to the author.
1. Why a Solvency II Review?
The new solvency regime for (re)insurance undertakings, which became applicable on 1st January 2016 is based on the Solvency II Framework Directive (FD), adopted in 2009. At a first major amendment of the FD in 2014 (Omnibus II), the co-legislators (Council and European Parliament) invited the European Commission (EC) to prepare a review of the regime in 2020.
In its call for advice to EIOPA, the EC made it clear that this review should not be a mere technocratic exercise. It should serve broader political objectives, in line with the Capital Markets Union Action Plan, the European Green Deal and the Sustainable Finance Strategy. The review should also upgrade the present micro-prudential framework with a macro-prudential part, including new powers for supervisory authorities in order to deal with systemic risk and a new regime for recovery and resolution and for insurance guarantee schemes ...