As of 1 January 2016, European insurance and reinsurance undertakings are subject to a new EU regulatory and supervisory regime, called Solvency II. Solvency II is a harmonised prudential framework, with requirements for risk-based capital, governance and risk management, public disclosure and supervisory reporting. This book contains all Solvency II primary source material: the coordinated Solvency II Framework Directive, the coordinated implementing measures, and the EIOPA Guidelines.
The Solvency II framework consists of several levels:
• the 2009 Framework Directive, including the basic principles of Solvency II (level 1);
• the implementing measures: the 2015 Commission Delegated Regulation, which further develops the principles laid down in the Framework Directive; a series of Commission Implementing Regulations detailing implementing technical standards; and a limited number of Commission Delegated Decisions granting equivalence (level 2);
• the Guidelines, issued by the European Insurance and Occupational Pensions Authority (EIOPA), applicable on a comply or explain basis (level 3).
A coordinated version of the recently amended EIOPA Regulation has been added to make this compilation practical and complete. The coordinated Regulation on sustainability‐related disclosures in the financial services sector is included as addendum as this Regulation supplements the provisions of the Solvency II Framework Directive. This May 2020 European Solvency II law book is the fourth edition.
This fourth edition of the European Solvency II law book is necessary as amendments have been made to the Directive and accompanying legislation in recent years. Available as e-book, this compilation is easy to use and easy to search. It has been considered an invaluable instrument for insurance practitioners, consultants, academics, researchers, students and the legal profession but also for policymakers, lawmakers, regulators and supervisors as they find herein the complete and most up to date texts concerning Solvency II.
European insurance expert Lieve Lowet has been involved in the Solvency II project since its early stages. As head of Schuman European Affairs, she specializes in insurance and financial matters, with specific knowledge of Solvency II. She holds a law degree from K.U. Leuven, and an M.A. in International Affairs from the Johns Hopkins University, SAIS Europe at Bologna. She is also an expert member of the Belgian Commission for Insurance.