The European Insurance and Occupational Pensions Authority (EIOPA), in close coordination with the European Commission, has revised its timetable for advice on the 2020 Solvency II Review to December 2020.
The review had already been pushed back by two months from March in an effort to offer operational relief in reaction to the COVID-19 pandemic.
The new timing will allow an update of the holistic impact assessment in view of the impact of the pandemic on the financial markets and insurance business and to take that impact into account in EIOPA’s advice.
EIOPA believes the new timing strikes a balance between the need to use the opportunity of reviewing the Solvency II directive and the need for the advice to reflect recent developments.
In order to update the holistic impact assessment EIOPA will complement the ongoing information request with a collection of data with a reference date of 30 June 2020. That information request will be carried out from July to mid-September 2020.
It will be addressed to a sub-sample of those subject to the ongoing information request and will be more focussed than that request.
EIOPA will continue to monitor the crisis and its impacts and will engage with all stakeholders in order to ensure a transparent process.