The following has been published in the Official Journal: Commission Implementing Regulation (EU) 2024/1289 of 13 May 2024 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March 2024 until 29 June 2024 in accordance with Solvency II.

The EC is seeking EIOPA's technical advice on: (i) the methodology to be used when classifying undertakings as small and non-complex, and the conditions for granting or withdrawing supervisory approval for proportionality measures to be used by undertakings not classified as small and non-complex undertakings (ii) the standard formula capital requirements for exposures to CCPs when they become direct clearing members; and (iii)the standard formula capital requirements for investments in cryptoassets.  It has asked EIOPA to respond by 31 January 2025 with regard to (i) and (ii) and by 30 June 2025 with regard to (iii).

The transitional provisions contained within this SI ensure that on 30 June 2024, matching adjustment approvals in force immediately before 30th June 2024, which are granted by PRA under assimilated EU law in regulation 42 of the Solvency 2 Regulations 2015, remain valid.  The SI also makes amendments consequential to the revocation of provisions relating to the matching adjustment in the Solvency 2 Regulations 2015 and the Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 concerning the prudential regulation of the insurance sector. Those provisions will be repealed on 30 June 2024 by section 1 of, and Schedule 1 to, FSMA 2023.

EIOPA’s report on the supervision of the PPP under Solvency II focuses primarily on the supervision of investments in non-traditional and complex assets, including derivatives, and the use of such assets in unit-linked and index-linked contracts.

The European Parliament’s plenary session of 22-25 April 2024 has ratified numerous informal deals reached between negotiators on files dealing with economic or financial services matters, including with regard to AML/CTF, ESG ratings, Basel standards, Solvency II, EMIR and improving SMEs’ access to market-based finance.  The link below includes the press releases where further details may be found on each of the matters.

Text of this speech of 25 April 2024 follows in which Lisa Leaman discusses recent developments in the sector and work being undertaken under Solvency II reforms.