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Solvency II review
Summary of EIOPA’s opinion on the 2020 review of Solvency II
On 17 December 2020, the European Insurance and Occupational Pensions Authority (EIOPA) published a paper reflecting its opinion on the 2020 Solvency II review (the “Opinion”) that the European Commission will be conducting in 2021.
Initially expected by the end of June 2020, the Opinion’s publication was delayed due to the COVID-19 crisis. Stakeholder contributions to a consultation paper issued in October 2019 helped EIOPA finalize the technical advice for the Solvency II Directive review.
The Opinion is one of the key elements that the European Commission will consider when developing the package of changes it will present for adoption during 2021.
The European Commission should present its proposal on the review around Q3 2021, but, as mentioned by EIOPA: "any implementation of changes resulting from EIOPA's advice is likely to be closer to 2025 than to 2020".