The amended Solvency II Directive and a new Insurance Recovery and Resolution Directive (IRRD) entered into force on 28 January 2025. After transposition to national law, they will become applicable from 30 January 2027.
The Solvency II framework needs to be accompanied by Delegated Regulation, Regulatory or Implementing Technical Standards (RTS or ITS) or Guidelines. The respective empowerments are contained in the Directive. Drafts of several RTS and ITS have already been provided by EIOPA and put up for consultation since 2024. On 17 July 2025 the EU Commission published the draft version of the amendments to the Delegated Regulation.
Altogether, these documents now allow a reliable assessment of the impact on undertakings’ business. The three pillars of the Solvency II-system will be affected: quantification, governance, reporting and disclosure.
Basically, the IRRD shall be fully consistent with Solvency II. It requires the establishment of a separate authority to manage the resolution of insurance undertakings if a continuation of the business is assessed as non-viable. Although maximum harmonisation of the framework is not required, guidance is needed to ensure a harmonised application across countries. A first batch of drafts of RTS and Guidelines has already been published at the end of April 2025, specifying amongst others the content of pre-emptive recovery plans and resolution plans.
These and more general topics affecting the task of actuaries will be discussed. This web session will deal with the following topics:
- The amended SII-Directive
- SII: Proposed Delegated Regulation, Technical Standards and Guidelines
- The IRRD
- IRRD: Proposed Technical Standards and Guidelines
further details
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